Private sector lender Karur Vysya Bank today reported a 24.25 percent decline in net profit at Rs 115.76 crore for the third quarter ended December 31, 2016 on account of higher expenses.
The bank had reported a net profit of Rs 152.83 crore in the same quarter of the previous fiscal. The bank's total income growth during October-December period of current financial year increased 3.67 percent to Rs 1,581.26 crore, from Rs 1,525.14 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) or bad loans stood at 2.66 percent of the total advances compared with 1.91 percent in the corresponding year-ago period while net NPAs were at 1.68 percent during the quarter as against 0.96 percent, in the comparable period a year ago.
The bank's expenses went up by 9.15 percent to Rs 1,309.44 crore in the third quarter from Rs 1,199.57 crore in the corresponding period of the previous fiscal.
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