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.
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