Karur Vysya Bank net profit falls 37.5%

Higher provisions towards depreciation on investments, bad loans and towards terminal benefits on wage revision have dragged Karur Vysya Bank's net profit during the second quarter by 37.5 per cent to Rs 82.89 crore.

The bank's net profit during the corresponding quarter of the previous fiscal stood at Rs 132.76 crore.

Its net interest income increased 4.41 per cent to Rs 298.38 crore (Rs 285.77 crore). Net interest margin fell to 2.51 per cent from 3.06 per cent.

Total business at the end of the first six months of the current fiscal, however, increased 27.3 per cent to Rs 75,281 crore (Rs 59,121 crore). Deposits were up 29.7 per cent and advances grew 24.27 per cent.

Both gross and net NPAs increased to 1.55 per cent (1.26 per cent) and 0.51 per cent (0.32 per cent), respectively.