Mangaluru, Feb 2: Karnataka Bank posted a net profit of Rs 300.63 crores during the third quarter of the current financial year with a growth rate of 105.32 percent as against Rs 146.42 crore during the corresponding previous quarter. As a result, the net profit for the first nine months of the current financial year increased to Rs 826.15 crores with a year on year growth rate of 118.68 percent as against Rs 377.79 crores of net profit earned during the corresponding period of the previous year.
In the meeting of the board of directors held at Mangaluru on February 2, the board approved the financial results for the quarter and nine months period ended December 31, 2022.
The asset quality also improved during the period. The GNPA has declined by 8 bps to 3.28 percent from 3.36 percent as compared to the sequential previous quarter - September 2022. Similarly, the NNPA also declined by 6 bps to 1.66 percent from 1.72 percent as compared to the sequential previous quarter September 2022. The PCR has further improved to 80.21 percent from 73.66 percent a year ago.
Bank has clocked a business turnover of Rs 1,47,128.51 crores as on 31-12-2022, with a YoY growth rate of 9.79 percent, deposits of Rs 84,596.40 crores with YoY growth rate of 7.86 pecent and advances of Rs 62,532.11 crores with YoY growth rate of 12.51 percent.
Announcing the results at the bank’s head quarters at Mangaluru, Mahabaleshwara M S, managing director and CEO of the bank said, “The impressive all round performance of the bank is on account of improved operational efficiency facilitated by various initiatives under KBL VIKAAS. The NII has gone up by 26.74 percent. NIM has improved to an all time high of 3.63 percent as compared to 3.15 percent as on Decemver 31, 2021. Further, the bank has also shown improvement in GNPA, NNPA indicating better asset quality. Further PCR has also improved to an all time high of 80.21 percent. The consistent and stable performance has been the hallmark of the bank, and going forward bank will strive hard for its sustainability with higher scale.”