Karnataka Bank registers net profit of Rs. 109 crore in first quarter


Karnataka Bank on Friday said it had registered an operating profit of Rs. 239.02 crore and a net profit of Rs. 109.34 crore for the first quarter of the current fiscal.

The net interest income increased by Rs. 53.11 crore, from Rs. 278.21 crore to Rs. 331.32 crore, registering a year-on-year growth of 19.09 per cent, a release from the bank said. The bank has clocked a business turnover of Rs. 78,118 crore as on June 30, a 9.07 per cent year-on-year growth. Deposits rose to Rs. 46,767 crore, a growth of 9.31 per cent while advances rose to Rs. 31,351 crore registering a 8.72 per cent growth.

Announcing the results, managing director and chief executive officer P. Jayarama Bhat said, “The bank’s performance in the first quarter has been fairly satisfactory considering the macro economic conditions prevailing during the period which adversely affected the banking industry in general. To bolster growth during the ensuing quarters, our focus will be on credit augmentation, especially retail credit, credit monitoring, increasing current account savings account and taking our digital banking initiative forward with greater zeal to address our customers’ needs better and faster.”

The bank has clocked a business turnover of Rs. 78,118 crore as

on June 30

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Printable version | Dec 15, 2019 12:59:31 PM |

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