Comments
Karnataka Bank registered a net profit of ₹61.73 crore in the fourth quarter of 2018-19, up from ₹11 crore in the corresponding period of the previous fiscal, recording a growth of 461.18 per cent.
The bank recorded a net profit of ₹477.24 crore for 2018-19, against ₹452.26 crore in 2017-18, posting a growth of 46.57 per cent.
The board of directors of the bank, which met on Monday to consider the audited financial result for 2018-19, proposed a dividend of 35 per cent for 2018-19.
Speaking to BusinessLine after the board meeting, Mahabaleshwara MS, Managing Director and CEO of the bank, attributed the growth in net profit to the reduction in the provision for non-performing assets (NPAs) during the year. “We had made a provision of ₹1,018 crore during 2017-18. The provision was at ₹763 crore during 2018-19,” he said.
Gross NPAs of the bank moderated to 4.41 per cent during Q4 of 2018-19, against 4.92 per cent in the corresponding period of 2017-18. The net NPA was contained below 3 per cent at 2.95 per cent (2.96 per cent) during the period, he said.
During Q4 of 2018-19, slippage was at ₹402 crore and upgradation at ₹292 crore. However, the slippage stood at ₹1,038 crore, and upgradation at ₹446 crore during the March quarter of 2017-18.
Net interest income (NII) of the bank stood at ₹480.88 crore (₹541.51 crore), and other income at ₹290.59 crore (₹294.51 crore) during Q4 of 2018-19. Net interest margin came down to 2.87 per cent (3.54 per cent) during the quarter.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.