Karnataka Bank Q1 profit up by 21.96 % to 163.24 crores
Mangalore Today News Network
Mangaluru, July 12, 2018: Karnataka Bank posted a Net Profit of ` 163.24 crores, during Q1 of FY 2018-19 with a growth rate of 21.96% as against ` 133.85 crore during Q1 of 2017-18. This is the highest ever quarterly profit declared by the Bank. The previous best was ` 138.37 crores during Q4 of FY17.
The operating profit of the Bank has also increased from ` 309.70 crore to ` 368.88 crore showing a growth rate of 19.11 %. The Net Interest Income also has increased by 10.40% on year-on-year basis to ` 468.58 crore from ` 424.42 crore.
In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the financial results for the quarter ended June 30, 2018.
The business turnover of the Bank has touched ` 1,10,456 crore as on 30-06-2018, registering a growth rate of 16.72% on year-on-year basis. The deposits of the Bank grew from ` 56,227 crore to ` 62,725 crore with a y-o-y growth rate of 11.56%. Advances grew from ` 38,405 crore to ` 47,731 crore with a y-o-y growth rate of 24.28%. The CD ratio has improved to 76.10 % from 68.30%, as on 30-06-2018.
Gross NPAs stood at 4.72% compared to 4.92% reported in the previous quarter i.e as of 31-03-2018. Net NPAs also declined to 2.92% from that of 2.96% as of 31-03-2018.
Expressing his satisfaction on the Q1 result of the Bank, Shri Mahabaleshwara M. S., Managing Director & CEO of the Bank, described the result as “Efficiency driven performance which has taken care of both bottom line as well as top line” and observed that, “Q1 results are the testimony for the ability of the Bank to grow at a faster pace by further improving its fundamentals. Highest ever quarterly profit, historically high CD ratio, reduction in slippages, moderating NPAs, improved NIM & NII etc., are clear indications of robustness of future growth prospects of the Bank. Bank will continue to focus on customer service and will have a hall mark of consistent performance in the days to come”.