Karnataka Bank registers Rs.135.37 crore net profit in Q3

Karnataka Bank registers Rs.135.37 crore net profit in Q3

Mangalore Today News Network

Mangaluru, Jan 12, 2021:     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, forthe 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 1,615.34 crores as against 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 1,27,013.55 crores as  on  31-12-2020, with deposits  of 73,826.06 crores and  Advances 53,187.49 crores. Retail  and  mid-corporate advances have shown a y-o-y growth of 9.75%.
 
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 resultas  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’. ”