Karnataka Bank Q3 results: Net profit grows 10% to Rs 135 crore

Bengaluru: Karnataka Bank has posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10% as against Rs 123 crore during the corresponding quarter of last year.

The bank posted a net profit of Rs 451 crore for the nine-month period ended December 2020, posting a growth of 11.5% over the same period of last year, the bank said in a press release, and added its net NPA has dropped to 1.74%.

Bank chief executive Mahabaleshwara MS said the strong numbers reflected the resilience of the bank in spite of Covid-19 pandemic. “Our efforts to realign the asset portfolio towards retail and mid corporate advances are paying desired results. All our cost efficiency measures have yielded positive results as the overall cost declined by 2.35%. The digital loan sanction is showing positive traction and gaining popularity.”