Mangaluru, Jan 28: The Karnataka Bank Limited has posted a net profit of Rs 146.42 crore for the third quarter of current financial year with a YoY growth rate of 8.16% as against Rs 135.37 crore of net profit earned during the corresponding quarter of the previous year.
In the meeting of the Board of Directors held on Friday janaury 28 in Mangaluru through video-conferencing, the board approved the financial results for the quarter and nine months period ended December 31, 2021.
The asset quality also improved significantly.
The GNPA has declined by 39 bps to 4.11% from 4.50% as compared to the sequential previous quarter i.e September 2021. In absolute terms also the GNPA declined by Rs 170.60 crore, to Rs 2,330.52 crore from Rs 2,501.12 crore as at the previous quarter.
Similarly, the NNPA also declined by 39 bps to 2.45% from 2.84% as compared to the sequential previous quarter i.e. September 2021. Further, NNPA amount also reduced by Rs 186.37 crore to Rs 1359.89 crore from Rs 1546.26 crore as at the previous quarter. The PCR has further improved to 73.74% from 71.75% as at 30.09.21.
The bank has clocked a business turnover of Rs 1,33,918.07 crore as on 31-12-2021, with a YoY growth rate of 5.44%, deposits of Rs 78,428.71 crore with YoY growth rate of 6.24% and Advances of Rs 55,489.36 crore with YoY growth rate of 4.33%.
Announcing the results at the Bank’s Head Quarters at Mangaluru, Mahabaleshwara M S, managing director & CEO of the bank said, “ This has been one more quarter of consistent and satisfactory performance without any negative surprises. Inspite of the adverse effect of the pandemic on the economy, the stress in credit portfolio is receding as could be seen by the reduction in GNPA to 4.11% from 4.50%, NNPA to 2.45% from 2.84%. Added to this, the PCR has also further improved to 73.74% from 71.75%. I am very happy that all the Transformation driven initiatives have started yielding the desired result."