Karnataka Bank posts net profit of Rs 146.42 crore in the third quarter

The private sector Karnataka Bank has posted a net profit of Rs 146.42 crore for Q3 of current financial year as against Rs 135.37 crore net profit earned during the corresponding quarter of last year

The private sector Karnataka bank has posted a net profit of Rs 146.42 crore for the third quarter of current financial year with a year-on-year growth rate of 8.16 percent as against Rs 135.37 crore net profit earned during the corresponding quarter of the previous year.

The financial results for the quarter and nine months period ended December 31, 2021 were approved at a meeting of the director board held here Friday, a bank release here said.

The asset quality also improved significantly. The gross non-performing assets (GNPA) has declined by 39 basic points (bps) to 4.11 percent from 4.50 percent as compared to the sequential previous quarter in September, 2021.

In absolute terms also, the GNPA declined by Rs 170.60 crore to Rs 2,330.52 crore from Rs 2,501.12 crore as at the previous quarter. Similarly, the NNPA also declined by 39 bps to 2.45 percent from 2.84 percent as compared to the sequential previous quarter.

The NNPA amount also reduced by Rs 186.37 crore to Rs 1359.89 crore from Rs 1546.26 crore as at the previous quarter. The PCR has further improved to 73.74 percent from 71.75 percent as in September last.

The bank has clocked a business turnover of Rs 1,33,918.07 crore as on December 31, 2021, with a growth rate of 5.44 percent, deposits of Rs 78,428.71 crore with a growth rate of 6.24 percent and advances of Rs 55,489.36 crore with a growth rate of 4.33 percent.

The results were announced by managing director and CEO M S Mahabaleshwara at the bank's headquarters in the city.