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.
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).
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.
