Karnataka Bank Ltd recorded a net profit of ₹300.68 crore in Q3 FY23 as against ₹146.57 crore reported in the year-ago period, registering a growth of 105.14 per cent.
The operating profit went up 49.27 per cent and net interest income went up 34.07 per cent, mainly on account of improved operational efficiency and reduced stress in the advances portfolio, Mahabaleshwara MS, MD & CEO, told businessline.
Asset quality improves
The gross NPA came down to 3.28 per cent (4.11 per cent) and net NPA was at 1.66 per cent (2.45 per cent).
The provision coverage ratio of the bank stood at 80.21 per cent. Provisions (other than tax) and contingencies of the bank stood at ₹164.87 crore (₹138.50 crore).
Stating that the advances growth of the bank is healthy at 12.51 per cent, he said: “Going forward, we are optimistic of the sustainability of this particular impressive growth.”
The net interest margin stood at 3.81 per cent (3.16 per cent) and capital adequacy ratio was at 15.13 per cent.