Karnataka Bank net profit rises over 7% to Rs 175.42 crore in Q1

Karnataka Bank Friday reported an all-time high net profit of Rs 175.42 crore in the first quarter of current fiscal, up over 7 per cent from a year ago.

The private sector bank had posted a net profit of Rs 163.24 crore in the corresponding April-June period of the previous fiscal ended March 31, 2019.

Total income during June quarter of 2019-20 rose to 1,829.16 crore from Rs 1,616.44 crore in the year-ago period, the bank said in a regulatory filing.

The bank's gross non-performing assets fell to 4.55 per cent of gross advances as on June 30, 2019 from 4.72 per cent in the year-ago period.

However, net NPAs or bad loans increased to 3.33 per cent from 2.92 per cent.

Provisions for bad loans and contingencies stood at Rs 201.14 crore as against Rs 222.06 crore in the June quarter last year.

Provision coverage ratio stood at 58.08 per cent as on June 30, 2019 (57.21 per cent year ago), the bank said.

The bank's business turnover stood at Rs 1,21,339.52 crore as on June 30, registering a 9.85 per cent growth on year-on-year basis, it said.

Deposits grew to Rs 68,520.72 crore from Rs 62,725 crore, up 9.24 per cent. Advances grew to Rs 52,818.80 from Rs 47,731 crore, registering a growth of 10.66 per cent.

Shares of Karnataka Bank Friday closed at Rs 101.50 apiece on the BSE, up 1.45 per cent from previous close.