Karnataka Bank Q3 Profit Rises 10% to Rs 331 cr
Jan 23, 2024 19:43
Karnataka Bank's net profit increased by 10% to Rs 331 crore in Q3 FY24, driven by higher interest income. Read more about the bank's financial performance.
New Delhi, Jan 23 (PTI) Private sector lender Karnataka Bank on Tuesday reported a 10 per cent rise in net profit to Rs 331 crore for the third quarter ended December 2023.
The bank had earned a net profit of Rs 301 crore in the October-December quarter of 2022.
The total income increased to Rs 2,439 crore in the third quarter of the current fiscal compared to Rs 2,055 crore in the year-ago period, Karnataka Bank said in a regulatory filing.
In the latest quarter, the bank's interest income rose to Rs 2,113 crore from Rs 1,851 crore in the same period last fiscal.
However, the net interest income declined to Rs 828 crore from Rs 835 crore at the end of the third quarter of last year.
The gross non-performing asset (NPA) ratio declined to 3.64 per cent as of December 31, 2023. In the year-ago period, it stood at 3.28 per cent.
However, the net NPA declined to 1.55 per cent compared to 1.66 per cent at the end of December 2022.
The provision coverage ratio stood at 80.75 per cent at the end of December 2023.
The bank clocked a business turnover of Rs 1,61,936 crore, registering a growth of 9.22 per cent, with advances of Rs 69,741 crore and deposits of Rs 92,195 crore.
The net interest margin came down to 3.46 during the quarter against 3.81 per cent at the end of the third quarter of the previous fiscal.
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