The private sector Karnataka Bank has posted a net profit of ₹146.42 crore for the third quarter of current financial year with a year-on-year growth rate of 8.16 percent as against ₹135.37 crore net profit earned during the corresponding quarter of the previous year.
The financial results for the quarter and nine months period ended December 31, 2021 were approved at a meeting of the director board held here Friday, a bank release here said.
Asset quality
The asset quality also improved significantly. The gross non-performing assets (GNPA) has declined by 39 basis points (bps) to 4.11 per cent from 4.50 percent as compared to the sequential previous quarter in September, 2021.
In absolute terms also, the GNPA declined by ₹170.60 crore to ₹2,330.52 crore from ₹2,501.12 crore as at the previous quarter.
Similarly, the NNPA also declined by 39 bps to 2.45 per cent from 2.84 per cent as compared to the sequential previous quarter.
The NNPA amount also reduced by ₹186.37 crore to ₹1359.89 crore from ₹1546.26 crore as at the previous quarter. The PCR has further improved to 73.74 per cent from 71.75 per cent as in September last.
The bank has clocked a business turnover of ₹1,33,918.07 crore as on December 31, 2021, with a growth rate of 5.44 per cent, deposits of ₹78,428.71 crore with a growth rate of 6.24 per cent and advances of ₹55,489.36 crore with a growth rate of 4.33 per cent.
The results were announced by managing director and CEO M S Mahabaleshwara at the bank’s headquarters in the city.