Karnataka Bank Q2 Net Up By 19.79%

Deepthi | Myequity news | Date : 12-10-2018 16:20:00 IST

Karnataka Bank has reported a 19.79 % increase in its Net Profit for the quarter ended 30th September 2018. The Net Profit increased to INR 111.86 crores as compared to INR 93.38 crores as on 30-09-2017. Similarly for the entire first half of current year, the Net Profit rose to INR 275.10 crores by 21.07 % as compared to INR 227.23 crores as of 30-09-2017.

The Asset Quality has also moderated and is showing signs of turnaround. The GNPA [Gross Non Performing Assets] has improved to 4.66 % as compared to 4.72% of previous quarters i.e, June 2018 and 4.92% as of March 2018.

The Bank has clocked a total business of INR 1,13,854 crores as on 30-09-2018, registering a y-o-y growth of 16.63%. Deposits of the Bank rose to INR 63,885 crores registering a y-o-y growth of 12.95%. Advances rose to INR 49,970 crores registering a y-o-y growth of 21.69 %. Bank has achieved a CD Ratio of 78.22 % which is an all time high for the Bank.

“The results are on the expected line as we have been able to declare a decent profit with more focus on asset quality and healthy growth. CD ratio of 78.22% is a new high for Karnataka Bank. Asset quality has moderated and stress in the pipeline is also receding and that is good news going forward. Expenditure is fully under control and a growth of 7.29°/o in operating profit for the first half of current year is an indication of robustness of the business portfolio. Bank has made several interventions in credit delivery, IT Management and HR Management in the recent past as per Transformation initiatives under the guidance of Transformation partner in/s BCG and the results are encouraging. With one crore customers contributing for more than INR 1.13 lakh crore business and powered by Transformation initiatives, Karnataka Bank is poised for an exciting growth journey'', said Shri Mahabaleshwara in S, Managing Director & CEO,Karnataka Bank.

About Karnataka Bank Limited:

The Karnataka Bank Limited is a scheduled commercial banking institution based in Mangaluru in Karnataka, India. Karnataka Bank Limited has a network of 814 branches, 1374 ATMs and 160 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,220 employees and over 9.65 million customers throughout the country. Its shares are privately owned by over 1,46,000 shareholders. In August 2008, Karnataka Bank Limited received the Sun and NDTV Green IT Award. Sun Microsystems and NDTV gave the award to in recognition of the bank's "green policies" and use of earth-friendly technology such as solar power. The bank has the Best Bank Award for "Managing IT Risk" under small bank category for the year 2010-11, instituted by Institute for Development and Research in Banking Technology (IDRBT). Karnataka Bank Limited has adopted Core banking, Internet banking and has established its "MoneyPlant" (1374 Automated Teller Machine) system across the country.

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