Karnataka Bank registers 61% jump in Q3 net profit

Powered by strong and consistent growth, Karnataka Bank on Friday reported a 60.7% jump in its net profit at Rs 140.41 crore for the third quarter of the current financial year against Rs 87.38 crore in the year-ago period.

For the nine months period ended December 31, 2018, the Mangaluru-headquartered bank posted a net profit of Rs 415.51 crore as against Rs 314.61 crore for the corresponding period of last year with a growth rate of 32.07%, the bank said in a BSE filing.

The operating profit during the third quarter of the current financial year stood at Rs 400.37 crore as against Rs 321.90 crore during the corresponding period of the previous year, registering a growth of 24%.

The bank's net interest income was Rs 487.95 crore during the December quarter of the current fiscal as against Rs 451.48 crore in the year-ago quarter.

The Gross NPA is at 4.45% compared to 4.66% as of the previous quarter of the current financial year. Similarly, the Net NPA is maintained at 3% compared to September 2018. The bank has clocked a business turnover of Rs 1,17,102 crore as on December 31, 2018, registering y-o-y growth of 14.67%. Deposits of the bank rose to Rs 65,141 crore from Rs 57,771 crore, registering y-o-y growth of 12.76%. Advances rose to Rs 51,961 crore from Rs 44,354 crore, registering y-o-y growth of 17.15%.

Mahabaleshwara M S, Managing Director and CEO, of the bank said, "The third quarter results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. the bank has been able to maintain the consistency without any negative surprises, and is determined to further consolidate it going forward''.

Karnataka Bank's scrip on Friday closed at Rs 115.95, up 0.61% on the BSE.