Karnataka Bank Q1 profit up 10% at Rs134 crore
Karnataka Bank results declared Saturday showed net profit of Rs133.85 crore in June quarter of FY18 against Rs121.54 crore in the year-ago period
New Delhi: Private sector lender Karnataka Bank has posted a 10.13% rise in net profit at Rs133.85 crore for the first quarter of the current fiscal.
The bank had reported a net profit of Rs121.54 crore in the April-June quarter of 2016-17. The total income of the bank increased to Rs1,547.93 crore as against Rs1,434.96 crore a year ago, it said in a regulatory filing.
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Provisions to cover bad loans and contingencies increased to Rs198.88 crore for the June quarter of 2017-18 from Rs136.31 crore a year ago. In terms of asset quality, gross NPAs (non-performing assets) or bad loans rose to 4.34% of gross loans as on 30 June 2017 from 3.92% a year ago.
Net NPAs were 3.20%, up from 2.61% a year ago. “The encouraging growth in advance and the resultant increase in operating profit are two major achievements which will set tone for future growth story,” the bank’s managing director and CEO Mahabaleshwara M.S. said.