South-based private sector lender Karur Vysya Bank (KVB) on Friday reported an 82.5% rise in its net profit to Rs 115 crore for the second quarter of the current financial year, compared with Rs 63 crore in the corresponding quarter of the previous fiscal. The bank’s total income stood at Rs 1,666 crore, compared with Rs 1,815 crore.
The net interest income for the quarter improved marginally to Rs 601 crore while net interest margin (NIM) increased by 11 bps to 3.47%. The non-interest income for the quarter under review was almost flat at Rs 272 crore, KVB said in a statement.
The net NPA improved by 151 bps and dropped to 2.99% from 4.5%. In absolute terms, it got reduced by Rs 690 crore to Rs 1,428 crore from Rs 2,118 crore. The gross NPA improved 96 bps to 7.93%, and in absolute terms to Rs 3,998 crore from Rs 4,391 crore a year ago. The provision coverage ratio stood at 75.19%.
Basel III CRAR of the bank stood at 18.41% (with CET1 ratio of 16.35%), up from 15.99% as on September 30, 2019 and 17.17% as on March 31, 2020. CASA share grew 409 bps to 33.86%, with CASA deposits increasing by Rs 2,175 crore on a YoY basis to Rs 20,697 crore , the bank said.
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