Shares of Karur Vysya Bank Ltd. recovered sharply from the lows of the day on Thursday, October 15, after the lender reported its earnings for the second quarter. The stock though, has cooled off from the day’s high after the result.
Karur Vysya Bank’s net profit for the second quarter was at ₹788 crore, up 37.2% from the previous year’s ₹574 crore.
Its net interest income (NII) or core income that it earns, increased 19% by to ₹1,497.3 crore in the September quarter from ₹1,261 crore in the same quarter of the previous fiscal.
The lender’s asset quality improved in the second quarter. Its gross non-performing assets (NPA) declined to 0.69% from 0.74% sequentially, while its net NPA also contracted marginally to 0.18% from 0.19%.
The lender’s provisions in the second quarter were marginally higher at ₹118.5 crore compared to ₹90.3 crore in the prior quarter, but well below the ₹274.4 crore in the year-ago period.
Shares of Karur Vysya Bank are back at the day’s high after the results announcement, having fluctuated between gains and losses. The stock is now trading 1.6% higher at ₹346.6. The stock is up 29% so far this year.