Karur Vysya Bank Q3 profit up 133% at Rs 35 cr, net NPA down at 2.55%

Net NPA improved by 158 bps and dropped to 2.55% as on December 31, 2020 from 4.13% a year ago
Karur Vysya Bank on Thursday reported a 133 per cent increase in profit at Rs 35 crore in the third quarter ended December 31, 2020, compared to Rs 15 crore during the same period last year.

Net interest margin stands at 3.29 per cent and is almost flat as compared to 3.33 per cent a year ago.

Non-interest income for the quarter, excluding treasury profit of Rs 54 crore, is Rs 197 crore during the current quarter as compared to Rs 215 crore a year ago (Treasury profit during Q3 of previous year was Rs 45 crore).

Net NPA improved by 158 bps and dropped to 2.55 per cent as on December 31, 2020 from 4.13 per cent a year ago. In absolute terms, it has reduced by Rs 683 crore to Rs 1,263 crore from Rs 1,946 crore as on December 31, 2019. NNPA stood at 3.92 per cent as on 31.03.2020. Provision Coverage Ratio stands at 77.35 per cent.

As on December 31, 2020, Gross NPA also has declined to 7.37 per cent (Rs 3,842 crore as compared to Rs 4,424 crore a year ago). GNPAs were Rs 4,213 crore (8.68 per cent) as on March 31, 2020. Considering the impact of proforma NPA as of December 31, 2020, the GNPA and NNPA ratio will work out to 9.07 per cent and 4.08 per cent respectively, the Bank said.

Provision Coverage Ratio improved to 77.35 from 65.43 per cent.

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