Mangaluru-based Karnataka Bank posts all-time high net profit

The Mangaluru-headquartered Karnataka Bank has posted an all-time high net profit of Rs 1,032.04 crore for the nine months of the financial year ending December 2023, as against Rs 826.49 crore earned during the corresponding period last year.

The bank has registered a year-on-year growth of 25 percent during the period. For Q3FY of 2023-24, the bank posted a net profit of Rs 331.08 crore with a growth rate of 10.11 percent as against Rs 300.68 crore during the corresponding period previous year, a bank release said.

The meeting of the board of directors held on Tuesday at Mangaluru approved the financial results for the quarter and nine months period ended December 31, 2023.

The bank has clocked a record business turnover of Rs 1,61,936.36 crore as on 31-12-2023, with a YoY growth rate of 9.22 percent, with advances of Rs 69,740.97 crore registering YoY growth of 9.53 percent and deposits of Rs 92,195.39 crore, registering YoY growth of 8.98 percent.

The asset quality also improved during the period. The GNPA has declined by 10 bps to 3.64 percent from 3.74 percent as compared to March 2023. Similarly, the NNPA also declined by 15 bps to 1.55 percent from 1.70 percent, the release added.

Karnataka Bank CEO and managing director H Srikrishnan, who announced the results, said the all-round performance was the result of operational efficiency and transformational changes introduced by the bank.