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Karnataka Bank Ltd posts Rs. 105.91 crores consolidated PAT in Q1FY22

Posted On: 2021-07-27 13:41:06 (Time Zone: UTC)

KARNATAKA BANK LTD. has reported financial results for the period ended June 30, 2021.

Financial Results (Q1 FY 2021-22) - QoQ Comparison

The company has reported total income of Rs.1759.38 crores during the period ended June 30, 2021 as compared to Rs.1790.70 crores during the period ended March 31, 2021.

The company has posted net profit / (loss) of Rs.105.91 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.31.36 crores for the period ended March 31, 2021.

The company has reported EPS of Rs.3.39 for the period ended June 30, 2021 as compared to Rs.1.01 for the period ended March 31, 2021.

FinancialsQ1 FY2021-22Q4 FY20-21% Change
Total Income₹ 1759.38 crs₹ 1790.70 crsDown Tick -1.75%
Net Profit₹ 105.91 crs₹ 31.36 crsUp Tick 237.72%
EPS₹ 3.39₹ 1.01Up Tick 235.64%

Financial Results (Q1 FY 2021-22) - YoY Comparison

The company has reported total income of Rs.1759.38 crores during the period ended June 30, 2021 as compared to Rs.2134.63 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.105.91 crores for the period ended June 30, 2021 as against net profit / (loss) of Rs.196.38 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.3.39 for the period ended June 30, 2021 as compared to Rs.6.32 for the period ended June 30, 2020.

FinancialsQ1 FY2021-22Q1 FY2020-21% Change
Total Income₹ 1759.38 crs₹ 2134.63 crsDown Tick -17.58%
Net Profit₹ 105.91 crs₹ 196.38 crsDown Tick -46.07%
EPS₹ 3.39₹ 6.32Down Tick -46.36%

The operating profit of the Bank was at Rs 414.22 crore as on 30-06-2021 as against Rs 383.69 crore of Q4 of FY 21 and the Net Interest Income was at Rs 574.79 crore for the quarter ended 30-06-2021 as against Rs 459.14 crore for Q4 FY 21.

Further, as on 30-06-2021 the business turnover of the Bank has touched Rs 1,28,005.99 crore, with deposits of Rs 76,214.78 crore and advances of Rs 51,791.21 crore.

Gross NPAs declined to 4.82% as at 30-06-2021, compared to 4.91 % in the sequential previous quarter i.e Q4 of FY 21. GNPAs in absolute terms declined to Rs 2,549.06 crore during Q1 of FY 22 from Rs 2,588.41 crore (Q4 of FY 21) and Rs 2,557.64 crore (Q1 of FY 21). Similarly Net NPAs [NNPAs] also declined to 3.00 % from 3.18%. In absolute terms NNPAs declined to Rs 1,552.95 crore during Q1 of FY 22, from Rs 1,642.10 crore (Q4 of FY 21) and Rs 1,630.65 crore (Q1 of FY 21).

The Capital Adequacy Ratio of the Bank has further improved to 14.58% as compared to 13.44 % as on 30-06-2020.

Commenting on the Ql results of the Bank, Shri Mahabaleshwara M. S., Managing Director & CEO of the Bank, said that "Inspite of the hardships posed by the second wave of COVID 19 pandemic, Bank has been able to continue its satisfactory performance during the first quarter of the current year also. Significant improvement in asset quality as evidenced by the decline in GNP As to 4.82 % from 4.91 % and net NPAs to 3.00% from 3.18 % as at 31-03-2021, coupled with improved NII, NIM, PCR etc are testimony for the successful handling of the impact of the pandemic. The reduction in net profit on year on year basis is mainly on account of decline in treasury gains, which is dependent on the yield movements. Compared to the sequential previous quarter (Q4 of FY 21) the advances have shown marginal increase and is expected to consolidate further during the second quarter of the current year. Hence, the core business is expected to do well going forward, besides further improving the asset quality. Further, in today's Board, we have also deliberated about capital augmentation through QIP and the process would be taken forward after the due approval of the shareholders."

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs. 59.05 as compared to the previous close of Rs. 59.75. The total number of shares traded during the day was 165053 in over 738 trades.

The stock hit an intraday high of Rs. 60.8 and intraday low of 57.55. The net turnover during the day was Rs. 9831942.

Source: Equity Bulls

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