Karur Vysya Bank reports that third-quarter net earnings decreased 29%
Chennai: Karur Vysya Bank reports that net earnings decreased 29% to Rs 15 Rs for the quarter ended December 2019, compared to Rs 21 Rs in the same period last year. Sequentially the bank reported a profit of Rs 63 crore.
The net interest margin for the quarter remained solid at 3.33%, while net interest income and other income remained stable. In the third quarter, the deposit grew 6% (Rs 3,638 million rupees) to Rs 62,262 million rupees, and CASA's share improved to 31% (Rs 19,063 crore).
Bad loans from the private bank (gross NPA) have risen to 8.92% in December 2019 from 8.49% in December 2018, compared to 8.89% in September 2019.
The coverage ratio of the provision has increased in the last four quarters to a maximum of 65.43%, an increase of 857 bps. Year after year, the growth of the advances was moderated to 4% (Rs 1,847 million rupees) from Rs 47,766 million rupees to Rs 49,613 million rupees, despite the decline in the corporate portfolio due to the general market conditions .