Powered By All Round Growth Karnataka Bank's Net Profit Grows by 60.69% to INR 140.41 Crores during Q3 FY19

Deepthi | Myequity news | Date : 11-01-2019 15:30:00 IST

Powered by a strong and consistent all round growth, Karnataka Bank has posted a net profit of INR140.41 crore for the third quarter of current financial year against INR 87.38 crore for the corresponding period of last year there by registering an y-o-y growth of 60.69%. For the nine months period ended on Dec 2018, Bank posted a net profit of INR 415.51 crores as against INR 314.61 crores for the corresponding period of last year with a growth rate of 32.07%.

The operating profit during Q3 of current year is INR 400.37 crores as against INR 321.90 crores during the corresponding period of the previous year, registering a growth of 24.38 %. Further, for 9 months period of current financial year the operating profit stood at INR 1125.58 crores as against INR 997.84 crores for the corresponding period of previous year and registered a growth of 12.80%. The Gross NPA is at 4.45% as compared to 4.66% as of previous quarter of current financial year, i.e September 2018. Similarly the Net NPA is maintained at 3.00% as compared to September 2018.

Bank has clocked a business turnover of INR 1,17,102 crores as on 31-12-2018,registering a y-o-y growth of 14.67%. Deposits of the Bank rose to INR 65,141crores from Rupees 57,771 crores, registering y-o-y growth of 12.76%. Advances rose to INR 51,961 crores from INR 44,354 crores, registering y-o-y growth of 17.15%.

Announcing the results at the Bank's Head Quarters at Mangaluru, Shri Mahabaleshwara M S, Managing Director & CEO, of the Bank said, “The Q3 results are on the expected line. 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."

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