Karur Vysya Bank delivered impressive quarterly results with net profit surging 41.2% year-on-year to ₹725 crore in the March quarter. According to reports from CNBC TV18, the private sector lender's profitability was significantly boosted by 21% growth in other income, which increased to ₹615 crore from ₹509 crore in the corresponding quarter last year.
The bank maintained stable asset quality metrics during the quarter. As reported by CNBC TV18, gross NPA stood at 0.75% in March from 0.71% in December, while net NPA remained unchanged from the previous quarter at 0.19%. In absolute terms, gross NPA increased to ₹744 crore from ₹687 crore in December, and net NPA rose to ₹187 crore from ₹183 crore sequentially.
Provisions at the end of the quarter more than doubled on a sequential basis to ₹257.6 crore from ₹104.8 crore in December, according to CNBC TV18 reports. Despite the increased provisions, shares of Karur Vysya Bank ended 5.5% higher at ₹321.6 after the results announcement. The stock is close to its 52-week high of ₹343 and has gained 23% in the last one month.
