Karur Vysya Bank reduces NPA, provisions, posts higher net

Chennai (IANS) Old generation private bank Karur Vysya Bank on Monday said it closed Q1FY24 with 56.77 per cent growth in net profit as compared to the corresponding period of the previous year.

According to Karur Vysya Bank, it had posted a net profit of Rs 359 crore up from Rs 229 crore registered during Q1FY23.

The bank said its total income for the period under review was Rs 2,216.07 crore, up from Rs 1,672.60 crore earned during Q1FY23.

The provisions made for the period under review stood at Rs159.42 crore, down from Rs 154.64 crore made during the first quarter of FY23.

According to the bank, its gross non-performing assets (GNPA) has improved to Rs1,329.65 crore as on June 30, 2023 (Rs 3,107.17 crore on June 30, 2022) and the net NPA was at Rs 390.02 crore (Rs.1,098.36 crore).

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