KVB Q1 profit rises a tad to ₹109 crore

Karur Vysya Bank (KVB) on Wednesday reported frst-quarter net profit rose marginally by ₹3 crore to ₹109 crore.

Total income from operations contracted to ₹1,596 crore from ₹1,693 crore, while net interest income rose 14% to ₹638 crore.

Net interest margin stood at 3.55%, the lender said in a statement.

Non-interest income (including treasury profit) declined to ₹220 crore from ₹317 crore. Last year, KVB had reported a higher treasury profit of ₹178 crore, which slipped to ₹35 crore for the current period. Cost of deposits improved by 84 basis points to 4.53%, while yield on advances contracted to 8.55% from 9.32%.

Gross NPAs declined to 7.97% from 8.34%, while net NPAs rose to 3.69% from 3.44%. Provision coverage ratio stands at 72.40%.

Total business grew 7.4% to ₹1,16,713 crore.

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