Mangaluru: Karnataka Bank’s net profit grows by 60.69 % in third quarter

Media release

Mangaluru, Jan 11: Powered by a strong and consistent all round growth, Karnataka Bank has posted a net profit of Rs 140.41 crore for the third quarter of current financial year against Rs 87.38 crore for the corresponding period of last year there by registering an y-o-y growth of 60.69%. For the nine months period ended December 2018, Bank posted a net profit of Rupees 415.51 crore as against Rs 314.61 crore for the corresponding period of last year with a growth rate of 32.07%.

The operating profit during Q3 of current year is Rs 400.37 crore as against Rs 321.90 crore during the corresponding period of the previous year, registering a growth of 24.38%. Further, for 9 months period of current financial year the operating profit stood at Rs 1125.58 crore as against Rs 997.84 crore for the corresponding period of previous year and registered a growth of 12.80%.

Mahabaleshwara M S

The gross NPA is at 4.45% as compared to 4.66% as of previous quarter of current financial year, i.e September 2018. Similarly the net NPA is maintained at 3.00% as compared to September 2018.

Bank has clocked a business turnover of Rs 1,17,102 crore as on 31-12-2018, registering a y-o-y growth of 14.67%. Deposits of the bank rose to Rupees 65,141 crore from Rs 57,771 crore, registering y-o-y growth of 12.76%. Advances rose to Rs 51,961 crore from Rupees 44,354 crore, registering y-o-y growth of 17.15%.

Announcing the results at the Bank’s Head Quarters at Mangaluru, Mahabaleshwara M S, Managing Director & CEO, of the Bank said, “The Q3 results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward,”