Karnataka Bank posted an all-time high quarterly Net Profit of ₹411.47 crore for the quarter ending September 2022, while the net profit grew by 228% compared to September 2021 quarter net profit of ₹125.45 crore.
In a Meeting of the Board of Directors held on Tuesday, November 1 in Mangaluru, the Board approved the financial results for the quarter and the half year that ending September 30, 2022. For the half year ending September 2022, the net profit stood at ₹525.52 crore, which is also an all-time high against ₹231.36 crore of September 2021, said a release.
The NPAs have further moderated as the GNPAs reduced to 3.36 % against 4.03% as of June 30, while NNPAs also reduced to 1.72% against 2.16% as of June 30. A year ago as of September 30, 2021, the GNPA was at 4.52%, and NNPA was at 2.85%.
The business turnover of the Bank has touched a new high of ₹1,41,505.87 crore as of September 30. On a year-on-year basis, the deposits grew from ₹76,921.53 crore to ₹81,633.40 crore, while advances grew from ₹54,341.57 crore to ₹59,872.47 crore. The CD ratio of the Bank stood at 73.34% with capital adequacy ratio of 15.28%.
Bank Managing Director and CEO M.S. Mahabaleshwara attributed the performance to Bank’s disciplined disciplined execution and aggressive digitalisation, combined with commitment to superior customer experience. The milestone of reaching ₹411.47 crore of net profit earned during the quarter is the highest-ever quarterly profit while the ₹525.52 crore half-yearly net profit too is also a new high. In six months of the current year, the Bank has already surpassed the last year’s total net profit of ₹507.99 crore.
