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Karnataka Bank records first half net profit of Rs. 281.33 crore

Posted On: 2019-10-15 17:13:06

Karnataka Bank has recorded net profit of Rs. 281.33 crores for the half year ended 30-09-2019 as compared to Rs. 275.10 crores as on 30-09-2018, registering a growth of 2.26%. However, Bank has posted a Net Profit of Rs.105.91 crores for Q2 of the current financial year 2019-20 compared to Rs. 111.86 crores during Q2 of 2018-19.

In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the financial results for the quarter and half year ended September 30, 2019.

The Bank has clocked a total business of Rs. 123658.07 crores as registering a y-o-y growth of 8.61%. Deposits of the Bank rose to Rs. 70189.65 crores registering a y-o-y growth of 9.87%. Advances rose to Rs. 53468.42 crores registering a y-o-y growth of 7%. Bank has achieved a CD Ratio of 76.18%.

"Even though the external business environment is not found very conducive for business. Bank has been able to post a satisfactory performance by focusing on operational efficiency. As a result, during the current quarter the operating profit has grown at 16.02% and the fee based income at 38.68%. The low cost CASA funds constituted 27.41% of the deposits.

Going forward, Bank will focus more on CASA augmentation, credit growth with special focus on retail and mid corporates, asset quality by concentrating on timely recovery and by preventing further slippages. Thus Bank is optimistic of growth prospects in the days to come with its customer centric approach", said Shri Mahabaleshwara M S, Managing Director & CEO, of the Bank.

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.70.6 as compared to the previous close of Rs. 70.7. The total number of shares traded during the day was 285995 in over 1117 trades.

The stock hit an intraday high of Rs. 71.75 and intraday low of 69.1. The net turnover during the day was Rs. 20039940.

Source: Equity Bulls

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