Daijiworld Media Network - Mangaluru (SP)

Mangaluru, May 27: Karnataka Bank Ltd having its head office in the city has earned a net profit of Rs 482.57 crore for the year 2020-21, which has humbled all the previous records. In the previous financial year, the bank had registered net profit of Rs 431.78 crore. The year-to-year increase has been 11.76 percent. In the fourth quarter alone it recorded growth of 14.83 percent.

A meeting of the board of directors of the bank which met at the head office of the bank here on Wednesday May 26 approved the result and recommended declaration of a dividend of 18 percent to shareholders.

The total business of the bank reached Rs 1,27,348.58 crore of which deposits reached Rs 75,654.86 crore and advances Rs 51,693.70 crore. 31.49 percent of the deposits came from saving bank and current accounts.

Operating profit of the bank reached 1,999.14 crore registering an annual growth of 20.67 percent.

Bank's managing director and chief executive officer, Mahabaleshwar M S, expressed happiness about the results in spite of the prevalence of coronavirus challenge. He said that the bank has 90.6 percent digital transactions and that the bank has successfully exercised control over non-performing assets.