Private sector Karur Vysya Bank's net profit plunged 68.97 per cent to Rs 68.97 crore for the quarter ended June 30 on the account for higher provisions for bad loans.
The Tamil Nadu-based bank's net profit stood at Rs 147.97 crore during the corresponding quarter last fiscal.
Its total income for the April-June quarter went up to Rs 1,697.4 crore, up 4.75 per cent from Rs 1,620.38 crore registered in the year-ago period, the company said in a regulatory filing.
Its provisions (0ther than tax) and contingencies almost doubled to Rs 422.67 crore in the quarter under review from Rs 233.44 crore a year ago.
As on June 30, 2017, Karur Vysya Bank's gross non- performing assets (NPA) stood at 7.44 per cent, up from 4.27 per cent in the corresponding period a year ago.
Its net NPA also increased to 4.50 per cent from 2.85 per cent earlier.
Stock of the bank was trading 1.70 per cent lower at Rs 98.10 apiece on BSE.
Disclaimer: No Business Standard Journalist was involved in creation of this content