Karnataka Bank on Tuesday announced posting a net profit of ₹106.08 crore during Q1 of financial year 2021-22 as against ₹31.36 crore recorded during the sequential previous quarter.
Sequentially, on a quarter on quarter basis, it was higher by 238.26% over the fourth quarter ended March 2021. However, on year on year basis, the profit declined by 45.98%, mainly on account of decreased treasury income, said a release.
In a virtual meeting of the Board of Directors held on Tuesday at the bank’s headquarters here, the board approved the financial results for the quarter ended June 30, 2021.
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The operating profit of the bank was put at ₹414.22 crore as on June 30, 2021 as against ₹383.69 crore of Q4 of FY 2021 and the Net Interest Income was put at ₹574.79 crore for the quarter as against ₹459.14 crore for Q4 FY 21.
Further, the business turnover of the bank touched ₹1,28,005.99 crore as on June 30, with deposits of ₹76,214.78 crore and advances of ₹51,791.21 crore.
Gross NPAs declined to 4.82% as on June 30, compared to 4.91% in the sequential previous quarter, Q4 of FY 21. GNPAs in absolute terms declined to ₹2,549.06 crore during Q1 of FY 2022 from ₹2,588.41 crore (Q4 of FY 21) and ₹2,557.64 crore (Q1 of FY 21).
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Similarly, Net NPAs also declined to 3% from 3.18%. In absolute terms, NNPAs declined to ₹1,552.95 crore during Q1 of FY 2022, from ₹1,642.10 crore (Q4 of FY 21) and ₹1,630.65 crore (Q1 of FY 21).
The Capital Adequacy Ratio of the bank has further improved to 14.58% as compared to 13.44 % as on June 30, 2020.