Karnataka Bank posts all-time high net profit

Mangaluru: Mangaluru-headquartered Karnataka Bank has posted an all-time high quarterly net profit of Rs 411.47 crore for the quarter ended Sept-2022.

This shows growth in net profit by 228 percent, compared to the Sept 2021 quarter net profit of Rs 125.45 crore.

The director board of the bank, at its meeting held here on Tuesday, approved the financial results for the quarter and the half year that ended September 30, 2022. During the half-year period, the net profit stood at Rs 525.52 crore, which is also an all-time high against Rs 231.36 crore of September 2021, a bank release said here Wednesday.

For the quarter ending September 2022, the net interest income also increased by 26 percent to Rs 802.73 crore from Rs 637.10 crore.

The NPAs have also further moderated as the GNPAs reduced to 3.36 percent against 4.03 percent as of June 30, 2022, while NNPAs also reduced to 1.72 percent against 2.16 percent as of June 30. The business turnover of the bank has touched a new high of Rs 1,41,505.87 crore as of September 30, 2022.

Year-on-year, the deposits grew from Rs 76,921.53 crore to Rs 81,633.40 crore, and advances grew from Rs 54,341.57 crore to Rs 59,872.47crore. The CD ratio of the bank stood at 73.34 percent. The net interest margin has improved to 3.56 percent from 3.15 percent as of September 30, 2022, the release said.