Karnataka Bank posts net profit of Rs 140.41 crore for Q3 of FY 18-19

MANGALURU: Powered by a strong and consistent all round growth, Karnataka Bank has posted a net profit of Rs 140.41 crore for the third quarter of current fiscal against Rs 87.38 crore for the corresponding period of last year, registering an y-o-y growth of 60.69%. For the nine months period ended December 2018, the bank posted net profit of Rs 415.51 crore as against Rs 314.61 crore for the corresponding period of last year with a growth rate of 32.07%.

Operating profit during third quarter of the current year is Rs 400.37 crore as against Rs 321.90 crore during the corresponding period of the previous year, registering a growth of 24.38%. Further, for the nine month period of current financial year, the operating profit stood at Rs 1125.58 crore as against Rs 997.84 crore for the corresponding period of previous year, thereby registered a growth of 12.80%, a bank communiqué here on Friday, stated.

The gross NPA is at 4.45% as compared to 4.66% as of previous quarter of current financial year, that is, September 2018. Similarly, the net NPA has been maintained at 3% as compared to September 2018. Bank has clocked a business turnover of Rs 1,17,102 crore as on December 31, registering a y-o-y growth of 14.67%. Deposits rose to Rs 65,141 crore from Rs 57,771 crore, y-o-y growth of 12.76%. Advances rose to Rs 51,961 crore from Rs 44,354 crore.

Announcing results at the bank’s head quarters here, Mahabaleshwara M S, managing director and CEO said, “The third quarter results are on expected lines. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward.” The Bank will strive to push for more customer centric services in the days ahead, he said.