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Karnataka Bank reports net profit of Rs. 135.37 crores

Posted On: 2021-01-13 07:31:13 (Time Zone: Arizona, USA)

Karnataka Bank has posted a net profit of Rs. 135.37 crore for the third quarter of current financial year with a growth rate of 9.93% as against Rs. 123.14 crores of net profit earned during the corresponding quarter of the previous year. Further, for the nine months period ended Dec 2020, Bank posted a net profit of Rs. 451.10 crores as against Rs. 404.47 crores for the corresponding period of last year with y-o-y growth rate of 11.53%.

In the Meeting of the Board of Directors held today at Mangaluru through Video-conferencing, the Board approved the financial results for the quarter and nine months period ended December 31, 2020.

The operating profit during Q3 of the current financial year is Rs. 437.96 crores. Further, for the 9 months period of the current financial year, the operating profit stood at Rs. 1,615.34 crores as against Rs. 1,265.23 crores for the corresponding period of the previous year and registered a y-o-y growth of 27.67%.

Bank has clocked a business turnover of Rs. 1,27,013.55 crores as on 31-12-2020, with deposits of Rs. 73,826.06 crores and Advances Rs. 53,187.49 crores. Retail and mid-corporate advances have shown a y-o-y growth of 9.75%.

Gross NPA of the Bank has moderated to 3.16% as on 31.12.2020 from 4.99% as on 31.12.2019. Similarly, Net NPA has also come down to 1.74% from 3.75%.

Announcing the results at the Bank's Head Quarters at Mangaluru, Shri Mahabaleshwara M S, Managing Director & CEO of the Bank said, "The strong numbers of Q3 depict the resilience of Karnataka Bank inspite of COVID-19 pandemic. Our efforts to realign the asset portfolio towards retail and mid corporate advances is paying desired result as the same has grown at the rate of 9.75% y-o-y resulting in increased NII which has grown at a rate of 14.85% y-o-y. Moreover, strong operating profit which grew at the rate of 27.67% y-o-y has further strengthened the Provision Coverage Ratio (PCR) to an all time high of 80.51%. Asset Quality has almost remained stable despite the economic slowdown. Another significant achievement of this quarter is that, share of CASA deposits has increased to an all time high of 30.07% of total deposits. All our cost efficiency measures have also yielded positive result as the overall cost declined by 2.35%. The digital loan sanctions, one of the major initiatives under our "KBL-VIKAAS" transformation exercise, is showing positive traction and gaining popularity. Going forward, Bank will continue to focus on consistency and efficiency in its pursuit of emerging as 'The Bank of the future'."

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.66.85 as compared to the previous close of Rs. 67.7. The total number of shares traded during the day was 409508 in over 2271 trades.

The stock hit an intraday high of Rs. 68.95 and intraday low of 65.3. The net turnover during the day was Rs. 27464689.

Source: Equity Bulls

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