Karnataka Bank’s annual net profit - all time high at Rs. 507.99 crores

Karnataka Bank’s annual net profit - all time high at Rs. 507.99 crores

Mangalore Today News Network

Mangaluru, May 27, 2022: Karnataka Bank has posted an all time high annual consolidated net profit of Rs. 507.99 crore for the F.Y 2021-22 as against the last year’s Rs. 482.46 crore. The net profit for the fourth quarter ended March 2022 is Rs. 130.20 crore as against the net profit of Rs. 31.36 crore for the corresponding fourth quarter of F.Y 2020-21, registering a more than 4 times increase in the net profit.

 

In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the Audited Annual financial results for the period ended March 31, 2022 and has also recommended a dividend of 40 % to be approved in the ensuing  Annual General Meeting.

The business turnover of the Bank was at Rs.1,37,169.88 crore as on 31-03-2022 compared to Rs 1,27,348.19 crore as on 31.03.2021 registering a YoY growth of 7.71%.The deposits of the Bank stood at Rs. 80,386.74 crore with a YoY growth of 6.25% and advances at Rs. 56,783.14 crore with a YoY growth of 10.22%. The CASA deposits grew by 11.23% and reached an all time high of 32.97% of total deposits as on 31-03-2022, as against 31.49 % as on 31.03.2021.

PCR (Provision Coverage Ratio) improved to 73.47 % from  69.99 % as on 31-03-2021.

The CRAR (Capital to Risk Weighted Assets Ratio) of the Bank under Basel III has reached a new high of 15.66 % as against 14.85 % as on 31.03.2021.

The Non Performing Assets [NPA] have also moderated. The GNPAs [Gross Non Performing Assets] of the Bank stood at Rs. 2,250.82 crore constituting 3.90 % as of 31-03-2022 as against Rs.2,588.41 crore constituting 4.91% as on 31-03-2021. Similarly, the NNPAs [Net Non Performing Assets] also moderated to Rs. 1,376.97 crore constituting 2.42% from Rs. 1,645.05 crore as on 31-03-2021 constituting 3.19 %.

The priority sector advances of the Bank stood at 56.41 % of the total advances as against the minimum stipulated target of 40% by R.B.I.

Expressing his happiness over the performance of the Bank, Shri Mahabaleshwara M S, Managing Director & CEO of the Bank said that “The results are the testimony for the hard work done under the transformation journey of the Bank. It is very satisfying to note the all time high Net Profit of Rs 507.99 crore, CRAR of 15.66 % and PCR of  73.47%. Similarly CASA has also reached a new high of 32.97% resulting in further reduction in cost of lending resources. The asset quality has further improved as could be seen from the lower GNPA and NNPAs. The consistent and sustainable performance is very much evident and I am confident that going forward Bank is all set for a new high.”