<p>The Karnataka Bank Ltd (KBL) has posted an all-time high annual net profit of Rs 482.57 crore for the financial year 2020-21 as against the last year’s Rs 431.78 crore, thus registering year-over-year growth of 11.76 per cent.</p>.<p>The net profit for the fourth quarter, which ended in March 2021, is Rs 31.36 crore as against the net profit of Rs. 27.31 crore for the corresponding fourth quarter of 2019-20 and the YoY growth was 14.83 per cent. </p>.<p>In the meeting of the Board of Directors held here, on Wednesday, the Board has approved the audited annual financial results for the period ending on March 31, 2021 and has also recommended a dividend of 18 per cent to be approved in the ensuing 97th Annual General Meeting.</p>.<p>The business turnover of the Bank was Rs 1,27,348.56 crore as on March 31. The deposits of the Bank stood at Rs 75,654.86 crore and advances at Rs 51,693.70 crore. The CASA deposits grew by 14.80 per cent and reached an all-time high of 31.49 per cent of total deposits as on March 31, as against 28.91 per cent as on March 31, 2020.</p>.<p>The operating profit grew by 20.67 per cent to Rs 1,999.14 crore and the PCR (Provision Coverage Ratio) improved to 70.05 per cent from 64.70 per cent.</p>.<p>Expressing his happiness over the performance of the Bank, Mahabaleshwara M S, Managing Director and CEO of the Bank, said, "This turned out to be the best result under the unprecedented tough conditions triggered by Covid-19 pandemic. The all-time high annual net profit of Rs 482.57 crore, the highest ever CRAR of 14.85 per cent, very satisfactory PCR of 70.05 per cent, a new high of 31.49 per cent in CASA, over 90 per cent digital transactions, moderation in NPAs etc., all indicate that economic prescription of the Bank for Covid-19 era – i.e ‘Conserve, Consolidate and Emerge Strong’ – has provided the much required immunity."</p>
<p>The Karnataka Bank Ltd (KBL) has posted an all-time high annual net profit of Rs 482.57 crore for the financial year 2020-21 as against the last year’s Rs 431.78 crore, thus registering year-over-year growth of 11.76 per cent.</p>.<p>The net profit for the fourth quarter, which ended in March 2021, is Rs 31.36 crore as against the net profit of Rs. 27.31 crore for the corresponding fourth quarter of 2019-20 and the YoY growth was 14.83 per cent. </p>.<p>In the meeting of the Board of Directors held here, on Wednesday, the Board has approved the audited annual financial results for the period ending on March 31, 2021 and has also recommended a dividend of 18 per cent to be approved in the ensuing 97th Annual General Meeting.</p>.<p>The business turnover of the Bank was Rs 1,27,348.56 crore as on March 31. The deposits of the Bank stood at Rs 75,654.86 crore and advances at Rs 51,693.70 crore. The CASA deposits grew by 14.80 per cent and reached an all-time high of 31.49 per cent of total deposits as on March 31, as against 28.91 per cent as on March 31, 2020.</p>.<p>The operating profit grew by 20.67 per cent to Rs 1,999.14 crore and the PCR (Provision Coverage Ratio) improved to 70.05 per cent from 64.70 per cent.</p>.<p>Expressing his happiness over the performance of the Bank, Mahabaleshwara M S, Managing Director and CEO of the Bank, said, "This turned out to be the best result under the unprecedented tough conditions triggered by Covid-19 pandemic. The all-time high annual net profit of Rs 482.57 crore, the highest ever CRAR of 14.85 per cent, very satisfactory PCR of 70.05 per cent, a new high of 31.49 per cent in CASA, over 90 per cent digital transactions, moderation in NPAs etc., all indicate that economic prescription of the Bank for Covid-19 era – i.e ‘Conserve, Consolidate and Emerge Strong’ – has provided the much required immunity."</p>
