Private sector lender Karur Vysya Bank on Friday reported a 76.76 per cent decline in net profit at Rs 505.6 million for the fourth quarter ending March 31, 2018, on the account of lower income and higher provisions and contingencies.
The Tamil Nadu-based bank had posted net profit of Rs 2.1756 billion during the corresponding quarter of last year.
Total income from operations for the January-March 31, 2018, quarter stood at Rs 16.9953 billion compared with Rs 16.6523 billion, Karur Vysya Bank said in a regulatory filing.
Provisions and contingencies in the quarter under review were at Rs 3.9417 billion as against Rs 2.175 billion in laster quarter of 2016-17.
For the financial year ending March 31, 2018, Karur Vysya Bank's net profit fell by 42.95 per cent to Rs 345.67 billion from Rs 6.0598 billion registered during the year ago period.
For the year ending March 31, 2018, the bank reported total income of Rs 65.9958 billion up from Rs 64.0457 billion reported a year ago.
Gross NPA increased sharply to 6.56 per cent as on March 31, 2018, as against Rs 3.58 per cent reported a year ago.
Net NPA was at 4.16 per cent in the last quarter of the previous fiscal compared with 2.53 per cent in the same period in 2016-17.
Shares of the bank were trading at Rs 101.25 apiece, up 6.99 per cent, on BSE.