KVB Q4 profit rises 40% to ₹84 crore

Private sector lender Karur Vysya Bank Ltd. has reported a 40% increase in its standalone net profit for the fourth quarter ended March 2020 to ₹84 crore.

During the period under review, the bank’s total income grew by ₹57 crore to ₹1,803 crore. Net interest income stood at ₹591 crore, according to a statement from the lender.

Non-interest income rosewas up by 27% to ₹347 crore, while net interest margin stood at 3.44%. Provision coverage ratio improved by 1,204 basis points and stood at 68.90%.

During the quarter, gross NPAs declined by ₹37 crore (down 11 basis points to 8.68%) to ₹4,213 crore while net NPAs dropped by 106 basis points to 3.92% to ₹1,809 crore, the bank said.

The bank reported a total business of ₹1,07,591 crore with advances accounting for ₹48,516 crore and deposits ₹59,075 crore respectively.

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