Mangaluru

Karnataka Bank posts ₹ 105.91 cr.net profit in second quarter

Karnataka Bank has posted a net profit of ₹ 105.91 crore in the second quarter of 2019-20, 5.32 % less, against the ₹ 111.86 crore it posted during Q2 of the previous financial year.

However, the bank has recorded a net profit of ₹ 281.33 crore for the half-year ended September 30, 2019, as against ₹ 275.1 crore posted as on September 30, 2018.

The bank’s Board of Directors, which met here on Tuesday, gave approval to the financial results for the quarter and half-year ended September 30, said a release.

The bank has clocked a total business of ₹ 1,23,658.07 crore as on September 30, 2019, registering a year-on-year growth of 8.61 %.

Deposits of the bank rose to ₹ 70,189.65 crore registering a year-on-year growth of 9.87 %. Advances rose to ₹ 53,468.42 crore registering a year-on-year growth of 7 %. The bank has achieved a CD Ratio of 76.18 %.

The release quoted bank’s Managing Director and CEO M.S. Mahabaleshwara as saying that the performance was satisfactory with focus on operational efficiency even though the business environment was not very conducive. Consequently, the operating profit in the current quarter improved by 16.02 %, he said and added that the low current and savings bank funds constituted 27.41 % of the deposits.

Mr. Mahabaleshwara further said that the bank would focus more on CASA augmentation, retail and mid-corporate credit and timely recovery of advances.

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Printable version | Apr 10, 2020 7:20:04 AM | https://www.thehindu.com/news/cities/Mangalore/karnataka-bank-posts-10591-crnet-profit-in-second-quarter/article29719695.ece

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