NEW DELHI, May 25: Private sector lender Karur Vysya Bank today reported a 76.76 per cent decline in net profit at Rs 50.56 crore for the fourth quarter ending March 31, 2018, on the account of lower income and higher provisions and contingencies.
The Tamil Nadu-based bank had posted net profit of Rs 217.56 crore during the corresponding quarter of last year.
Total income from operations for the January-March 31, 2018, quarter stood at Rs 1,699.53 crore compared with Rs 1,665.23 crore, Karur Vysya Bank said in a regulatory filing.
Provisions and contingencies in the quarter under review were at Rs 394.17 crore as against Rs 217.50 crore in laster quarter of 2016-17.
For the financial year ending March 31, 2018, Karur Vysya Bank’s net profit fell by 42.95 per cent to Rs 345.67 crore from Rs 605.98 crore registered during the year ago period.
For the year ending March 31, 2018, the bank reported total income of Rs 6,599.58 crore up from Rs 6,404.57 crore reported a year ago.
Gross NPA increased sharply to 6.56 per cent as on March 31, 2018, as against Rs 3.58 per cent reported a year ago.
Net NPA was at 4.16 per cent in the last quarter of the previous fiscal compared with 2.53 per cent in the same period in 2016-17.
Shares of the bank were trading at Rs 101.25 apiece, up 6.99 per cent, on BSE. (PTI)
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