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Karnataka Bank post net profit of Rs. 123.14 cr for the 3rd quarter

Mangalore Today News Network

Mangaluru, Jan 16, 2020: Karnataka Bank has posted a net profit of ` 123.14 crore for the third quarter of current financial year. For the nine months period ended Dec 2019, Bank posted a net profit of `404.47 crores as against ` 415.51 crores for the corresponding period of last year.

mahabaleshwar1The operating profit during Q3 of current year is ` 501.79 crores as against  ` 400.37 crores during the corresponding period of the previous year, registering a growth of 25.33%. Further, for 9 months period of current financial year the operating profit stood at ` 1265.23 crores as against ` 1,125.58 crores for the corresponding period of previous year and registered a growth of 12.41%.

Bank has clocked a business turnover of ` 1,26,267 crores as on 31-12-2019, registering a y-o-y growth of 7.83%. Deposits of the Bank rose to ` 71,356 crores from ` 65,141 crores, registering y-o-y growth of 9.54%. Advances rose to ` 54,911 crores from ` 51,961 crores, registering y-o-y growth of 5.68%.However, the retail advances, registered a growth of 12.47%.

Announcing the results at the Bank’s Head Quarters at Mangaluru, Shri Mahabaleshwara M S, Managing Director & CEO of the Bank said, “Bank has been able to deliver a consistent and steady Q3 numbers. Bank has also improved its Provision Coverage Ratio (PCR) to 59.34% from 57.20% (as on Dec 2018) mainly on account of improved operating profit. Further, the credit growth in retail and mid corporate sector is at 11.71% and going forward this sector would continue to be the growth engine. Bank has also started digital sanction of retail loans such as Home, Auto and Personal loans and are now happening in just 5 to 20 minutes and the same will be extended to MSME loans in the days to come”.