New Delhi, Feb 11 (PTI) Private sector Karur Vysya Bank on Thursday reported a 133 per cent jump in net profit at Rs 35 crore for the quarter ended December 2020.

The lender's net profit was Rs 15 crore in the same period a year ago.

Total income was down to Rs 1,601.80 crore in Q3 FY21 as against Rs 1,763.84 crore earlier, Karur Vysya Bank said in a regulatory filing.

Net interest income for the quarter was higher at Rs 584 crore as against Rs 577 crore.

Asset quality of the lender showed improvement as the gross non-performing assets (NPAs) were at 7.37 per cent of the gross advances as of December-end 2020, compared to 8.92 per cent in the year-ago period.

In absolute value, the gross NPAs or bad loans stood at Rs 3,842.47 crore as against Rs 4,423.97 crore.

Likewise, the net NPAs softened to 2.55 per cent (Rs 1,263.11 crore) from 4.13 per cent (Rs 1,945.68 crore).

Provisions for bad loans and contingencies fell to Rs 201.21 crore for the December quarter of this fiscal from Rs 364.26 crore kept aside for the year-ago period.

The bank said its credit growth YTD (year till date) was higher at 7 per cent and gross advances were at Rs 52,113 crore.

"Growth has been achieved through improved credit off take in retail portfolio, and jewel loan demand has been high. Nearly 34,000 digital loans have been logged in during the quarter as a result of improved sourcing of loans through various channels.

"Jewel loan portfolio witnessed a growth of Rs 920 crore during the quarter and Rs 2,842 crore YTD basis to reach a level of Rs 12,069 crore i.e. a growth of 8 per cent and 31 per cent on sequential and YTD basis," the bank said.

Karur Vysya Bank scrip closed 4.42 per cent higher at Rs 56.75 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)