Karnataka Bank Q1 results: Co reports net profit of Rs 106 Crore

Bengaluru: Private sector lender on Tuesday announced a net profit of Rs 106 crore during the April-June quarter of the fiscal year 2021-22. The bank had reported Rs 31.36 crore net profit in the previous quarter.

Sequentially, on a quarter-on-quarter basis, it was higher by 238.26 per cent over the quarter ended March 2021. However, on a year-on-year basis, the profit declined by 45.98 per cent, mainly on account of decreased treasury income, the bank said in a statement.

The business turnover of the Bank has touched Rs 1,28,005.99 crore as on June 30, with deposits of Rs 76,214.78 crore and advances of Rs 51,791.21 crore, the statement added. Gross NPA declined to 4.82 per cent compared to 4.91 per cent in the previous quarter.

Bank's MD & CEO Mahabaleshwara MS said, in spite of the hardships posed by the second wave of the Covid pandemic, the bank has been able to continue its satisfactory performance during the first quarter of the current year also. "Compared to the sequential previous quarter the advances have shown a marginal increase and is expected to consolidate further during the second quarter of the current year. Hence, the core business is expected to do well going forward, besides further improving the asset quality. Further, in today’s Board, we have also deliberated about capital augmentation through QIP and the process would be taken forward after the due approval of the shareholders," he said.