Karnataka Bank on Friday, May 24, announced posting an all-time high net profit of ₹1,306.28 crore for 2023-24, an 11% increase from the previous year’s ₹1,180.24 crore.
Bank’s Board of Directors approved the audited financial results for the year ending March 31, 2024 at a meeting here and proposed a dividend of 55% for approval in the forthcoming annual general meeting, said a release.
The bank incurred a one-time staff cost of ₹152.2 crore in Q4FY24 relating to enhanced actuarial provisions arising out of the 12th Bi-partite settlement.
As of March 31, 2024, the bank’s business turnover stood at ₹1,71,059.49 crore, a YoY growth of 15.06%. Gross advances rose by 19.08 YoY to ₹73,001.66 crore while deposits grew by 12.24% YoY to ₹98,057.83 crore. CASA deposits accounted for 31.97% of total deposits.
The gross NPA improved to 3.53% as in March 2024 when compared to 3.74% as in March 2023 while the Net NPA improved to 1.58% as against 1.7% as in March 2023. Standard restructured advances stood at ₹1,579 crores.
There was significant improvement in the overall GNPA and Restructured Portfolio, which moved from 11.% of Gross Advances as on FY22 to 7.9% as on FY 23 and to 5.7% as on FY24. Priority sector advances stood at 60% of ANBC, surpassing the minimum target of 40% as specified by the RBI.
Bank Managing Director and CEO H. Srikrishnan said, “The achievements are a testament to the dedicated and ongoing transformational changes. Through concerted efforts to enhance technology-based deliveries and operational efficiency, we are forging a new path forward. The bank’s brand-new positioning as ‘Bharat Ka Karnataka Bank‘ signals our pan-India approach for business presence.“
Executive Director Sekhar Rao said the Bank continues to create value for shareholders while customer needs were being fulfilled through innovation and product-centricity.
