Karnataka Bank posted an all-time high quarterly net profit of ₹ 196.38 crore during the first quarter of financial year 2020-21 as against the previous high of ₹ 175.42 crore recorded during the previous financial year.
In the online video meeting of the Board of Directors here, the board has given approval to the financial results for the quarter ended June 30, 2020.
The operating profit of the bank has also increased from ₹ 350.01 crore to ₹ 677.04 crore showing a growth of 93.43 %. The Net Interest Income has increased by 8.19 % on year-on-year basis to ₹ 535.12 crore from ₹ 494.59 crore.
The business turnover of the bank has touched ₹ 1,26,063.48 crore as on June 30, 2020, registering 3.89 % growth on year-on-year basis. The deposits of the bank grew from ₹ 68,520.72 crore to ₹ 71,853.98 crore and advances grew from ₹ 52,818.80 crore to ₹ 54,209.50 crore. The credit to deposit ratio was at 75.44 %, said a release from the bank.
Gross NPAs declined to 4.64 % compared to 4.82 % in the sequential previous quarter. Similarly, net NPAs also declined to 3.01 % from 3.08 %.
The Capital Adequacy Ratio of the bank has further improved to 13.07 % as compared to 12.70 % as on June 30, 2019.
Bank Managing Director and CEO M.S. Mahabaleshwara said that the robust performance was possible on account of various cost-reduction measures, treasury profit and decent growth in interest income.
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