Karnataka Bank Q3 results: Co reports net profits at Rs 146 Cr

Bengaluru: Mangaluru-headquartered private lender the Karnataka Bank has posted a net profit of Rs 146 crore for the quarter ended December, recording year-on-year growth of 8.16 per cent as against Rs 135.37 crores of net profit earned during the same period last year.

The asset quality also improved significantly as gross NPA declined by 39 basis points to 4.11 per cent from 4.50 per cent compared to the quarter ended September, the bank said in a press release.

The bank has clocked a business turnover of Rs 1,33,918 crore as at the end of December, growing 5.44 per cent year-on-year. While deposits recorded a year-on-year growth of 6.24 per cent, advances grew by 4.33 per cent.


Bank’s MD & CEO Mahabaleshwara MS said: “This has been one more quarter of consistent and satisfactory performance without any negative surprises. Despite the adverse effect of the pandemic on the economy, the stress in credit portfolio is receding as could be seen by the reduction in gross NPA…I am very happy that all the Transformation driven initiatives have started yielding the desired result.”