Mangaluru: Karanataka Bank posts quarterly net profit of Rs 125.61 crore

Media Release

Mangaluru, Oct 28: Karnataka Bank posted a net profit of Rs 125.61 crore, for the quarter ended September 2021 and the net profit grew by 5.17% as compared to September 2020 quarter net profit of Rs 119.44 crore.

In the meeting of the board of directors held on Thursday Otober 28 at Mangaluru through Webex, the board has approved the financial results for the quarter and half year ended September 30, 2021. Further, for the half year ended September2021, the net profit stood at Rs 231.69 crore as against Rs 315.82 crore of September 2020.

For the quarter ended Sept-2021 the net interest income also has increased by 10.83% to Rs 637.10 crore from Rs 574.87 crore.

The NPAs have also further moderated as the GNPAs reduced to 4.50 % as against 4.82% as on 30/06/21 and NNPAs also reduced to 2.84 %, as against 3.00% as on 30/06/21.

The business turnover of the bank has touched Rs 1,31,389.92 crore as on 30-09-2021. The deposits of the bank grew from Rs 72,928.99 crore to Rs 76,921.98 crore and advances grew from Rs 54,098.93 crore to Rs 54,467.94 crore. The CD ratio of the bank stood at 70.81 %.

The capital adequacy ratio of the bank has stood at 14.48% as compared to 13.41% as on 30-09-2020.

Expressing his satisfaction on the Q2 result of the Bank, Mahabaleshwara M S, managing firector & CEO of the bank, said “The bank has been able to sail through the pandemic affected one more quarter with flying colors. The credit growth is back on track as we added net fresh credit of Rs 2,676.73 crores during this quarter with the quarterly growth rate of 5.17 % as against - 0.20 % during the corresponding 2nd quarter of last year. Most significantly the asset quality is also showing consistent improvement, as the GNPAs have improved by 32 bps from 4.82 % as on 30-06-21 to 4.50% as on 30-09-21 and the NNPAs have also improved by 16 bps from 3.00 % to 2.84%. The Bank has been able to continuously maintain the PCR at above 70% and CRAR is also satisfactory at 14.48 %.Further, Net Interest Margin has also improved by 23 bps and now stands at 3.31%. The bank has been treated as ‘Agency Bank’ for all types of government transactions by the RBI and this will expand the banking business more specifically CASA. The various digital initiatives such as digital underwriting of loans, digital credit monitoring, risk management etc under ‘KBL NxT’ transformation journey are progressing as per plans and the bank is poised to emerge as the ‘Digital Bank of Future’."





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Title: Mangaluru: Karanataka Bank posts quarterly net profit of Rs 125.61 crore

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