Karur Vysya Bank Q2 net profit jumps 81 per cent to Rs 115 crore
Published On: Friday, October 30, 2020 | By: Team KnowMyStock
Private sector Karur Vysya Bank (KVB) on Friday reported an 81.4 per cent jump in its net profit at Rs 114.89 crore in the second quarter of FY 2020-21 due to lower provisioning for bad loans. The Bank had reported a net profit of Rs 63.33 crore in the corresponding year. Total income was down to Rs 1,666.26 crore in the July-September period of FY21 as against Rs 1,815.24 crore in the same quarter of 2019-20, KVB said in a regulatory filing. Interest income was down 9.3 per cent at Rs 1,394.70 crore from Rs 1,537.51 crore. The asset quality of the Bank was improved with the gross non-performing assets (NPAs) falling to 7.93 per cent of the gross advances at end September 2020 from 8.89 per cent a year ago. The provisions for bad loans and contingencies for Q2FY21 was brought down at Rs 284.73 crore from Rs 365.17 crore reserved a year ago. Bad loans were down at Rs 3,998.43 crore as against Rs 4,391.03 crore.
The Bank said it is closely monitoring the day-to-day operations, business and liquidity position as well as adequacy capital in this Covid pandemic.
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