Karnataka Bank posts record net profit of ₹400.33 crore in Q1 of 2024-25

Mangalore Today News Network

Mangaluru, July 25, 2024: Karnataka Bank on Wednesday announced a record net profit of ₹400.33 crore for the first quarter of 2024-25 as against the ₹370.7 crore during the corresponding Q1 of 2023-24, with a year-on-year growth rate of 7.99%.

A release here said the board of directors approved the financial results for the quarter at their meeting at the bank’s headquarters in Mangaluru.

The bank achieved its highest business turnover at ₹1,75,619 crore for Q1 of FY 24-25 compared to ₹1,49,971 crore for Q1 of FY 23-24, registering a YoY growth of 17.1%.

The aggregate deposits stood at ₹1,00,164 crore for Q1 of FY 24-25 as against ₹86,960 crore for Q1 of FY 23-24 with a YoY growth of 15.18%. The gross advances stood at ₹75,455 crore as against ₹63,012 crore as of Q1 of FY 24-25 with a YoY growth of 19.75%.

The operating profit of the bank stood at ₹558.59 crore and the net interest income stood at ₹903.36 crore at the quarter ended June 30. The gross NPAs declined to 3.54% at end of Q1 of FY 24-25 compared to 3.68% in the corresponding Q1 of FY 23-24.

The net NPAs stood at 1.66 % in Q1 of FY25 from 1.43% in the corresponding Q1 of FY24.

Announcing the results, managing director and CEO H. Srikrishnan said: “We are happy to report multiple milestones in financial performance crossing ₹1.75 lakh crore in business turnover, reaching ₹1 lakh crore in aggregate deposits and ₹75 lakh crore in gross advances. This robust performance underscores the positive trends in our continued transformative journey coupled with enhancing our digital & technology platforms, brand repositioning with outbound strategies and centralisation of operations creating synergies for our future success.“

Executive director Sekhar Rao said: “Our strategic initiatives in key areas such as digital transformation, customer service enhancement and launch of new products have started yielding positive outcomes.“