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Karur Vysya Bank Q3 profit drops 70% as bad loans spike

The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18.

Karur Vysya Bank Q3 profit drops 70% as bad loans spike

Karur Vysya Bank Tuesday said the gone by December quarter saw a decline of over 70 per cent in net profit to Rs 21.20 crore as bad loans spiked.

The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18.

Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the bank said in a regulatory filing.

Gross bad loans spiked to 8.49 per cent of gross advances as at December-end 2018 from 5.94 per cent by December 2017.

In terms of value, gross non-performing assets (NPAs) or bad loans stood at Rs 4,055.73 crore, higher than Rs 2,663.32 crore a year ago.

Net NPAs too rose to 4.99 per cent (Rs 2,295.60 crore) from 3.88 per cent (Rs 1,698.92 crore).

Provision coverage ratio was at 56.09 per cent as at December-end 2018, Karur Vysya Bank said.

The stock of the bank was trading 4.40 per cent down at Rs 81.50 on BSE.

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