Karnataka Bank on Tuesday announced posting ₹331.08 croe net profit for the third quarter of financial year 2023-24 as against ₹300.68 crore posted during Q3 of 2022-23, registering a year-on-year growth of 10.11%.
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The bank said in a release that it has also posted an all-time high net profit of ₹1,032.04 crore for nine months ending December 31, 2023 as against ₹826.49 crore earned during the corresponding period in the previous year, registering YoY growth of 25%..
The board of directors approved the financial results for the quarter and nine months period ending December 31, 2023 at a meeting in Mangaluru on Tuesday.
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Karnataka Bank has clocked a record business turnover of ₹1,61,936.36 crore as on December 31, with a YoY growth of 9.22% while advances grew by 9.53% to ₹69,740.97 crore and deposits by 8.98% to ₹92,195.39 crore during the quarter under report.
While the Gross NPA increased by 36 bps from 3.28% to 3.64%, the Net NPA declined by 15 bps, from 1.7% to 1.55% during the period.
Announcing the results at the bank’s headquarters, Managing Director and CEO H. Srikrishnan said: “Karnataka Bank’s all-round performance can be attributed to improved operational efficiency and ongoing transformational changes undertaken by the bank. We have consciously worked towards a cultural shift to be more relevant and launched several new products, improved our technology platforms and internal processes. In the last quarter, we expanded our offerings and acquisition strategy internally and through NBFCs/Fintech collaborations as well. We are on the right growth trajectory in our centenary year proudly reflecting upon a century of unwavering commitment to trust and excellence in the private banking space.”