KVB Q3 net jumps manifold

Karur Vysya Bank has reported a significant rise in its net profit at Rs 185 crore for the December 2021 quarter as compared to Rs 35 crore in the year-ago quarter.

The bank’s total income during the quarter was down marginally to Rs 1,600 crore as against Rs 1,614 crore during the same quarter in 2020-21. Operating profit for the quarter stood at Rs 402 crore – up by Rs 133 crore from Rs 269 crore for Q3 of the previous year.

Gross NPA declined to 6.97 per cent during the quarter as compared to 7.37 per cent a year ago. GNPA stood at 7.85 per cent (Rs 4,143 crore) as of 31 March, 2021.

Total deposits grew by 7.7 per cent to Rs 66,871 crore as compared to Rs 62,089 crore a year ago.

KVB improved its asset quality during the quarter, with gross non-performing assets (NPAs) falling to 6.97 per cent (Rs 3,888 crore) of the gross advances.

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