Shares of Karur Vysya Bank Ltd. gained up to 3% on Thursday, May 7, after the private sector lender reported its March quarter result which were better on a year-on-year basis.The lender’s net profit increased by 41.2% from the same quarter last year to ₹725 crore. Profitability was also aided by a 21% growth in the bank’s other income.
Other income during the quarter increased to ₹615 crore from ₹509 crore last year.
Asset quality for the lender remained largely stable. 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 stood at ₹744 crore from ₹687 crore in December, while Net NPA stood at ₹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.
Shares of Karur Vysya Bank ended 5.5% higher after the results announcement at ₹321.6. The stock is close to its 52-week high of ₹343. The stock has gained 23% in the last one month.
