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Saturday, Jul 23, 2005

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KVB first quarter net rises Rs 3.5 cr

Our Bureau

Coimbatore , July 22

KARUR Vysya Bank's (KVB) net profit for the quarter ended June improved marginally to Rs 37.62 crore, up by Rs 3.52 crore compared to the corresponding previous period.

The bank has managed to strengthen its bottomline despite a decline of Rs 3.64 crore in total income and an increase of Rs 7.83 crore in total expenditure (before taking provisions and contingencies into account). Its operating profit, however, fell by Rs 11.47 crore to Rs 41.98 crore (Rs 53.45 crore).

KVB's other income has also taken a beating. It has fallen to Rs 18.25 crore (Rs 22.71 crore).

Bank sources said that to avoid future depreciation, the bank had booked losses on certain investments., resulting in a decline in other income.

Interest and other operating expenses have shot up to Rs 88.6 crore (Rs 84.24 crore) and Rs 40.67 crore (Rs 37.21 crore) respectively.

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