Karur Vysya slumps and recovers

Karur Vysya Bank announced its Q3FY18 performance and the immediate reaction on account of the deteriorated asset quality was a fall of over 2% to Rs.106 but it has since then recovered and has now pulled itself back into the green at Rs.109, up 0.5%.

The Bank’s Gross NPA rose from 4.83% to 5.94% (QoQ) while Net NPA too rose from 3.24% to 3.88%.

Its provisions for the quarter rose Rs.321 crore to Rs.325 crore (QoQ) but the rise was almost double from Rs.157 crore in previous Q3.

Its net interest income did show a 8.5% (YoY) rise at Rs.562 crore but net profit slumped from Rs.116 crore to Rs.71 crore.