Karnataka Bank Q3 net slides 9% to Rs 97 cr

Karnataka Bank Q3 net slides 9% to Rs 97 cr

Karnataka Bank Q3 net slides 9% to Rs 97 cr

 Karnataka Bank on Saturday registered a decline of 9.4 per cent in its net profit at Rs 96.91 crore for the third quarter ended December. The bank’s net profit stood at Rs 106.94 crore in the same quarter of 2014-15.

“Total income has increased to Rs 1,369.83 crore for the quarter ended December 31, 2015, from Rs 1,364.69 crore for the quarter ended December 31, 2014,” it said in a BSE filing.

On the asset quality front, the gross non-performing assets (NPAs) of the bank stood at 3.56 per cent of gross advances as of December 31, 2015, slightly up from 3.44 per cent a year ago.

However, the bank kept net NPAs in check, which stood at 2.41 per cent of net advances during the reported quarter.

The Mangaluru-headquartered private lender made provisioning and contingencies of Rs 63.11 crore during the quarter under review, down from Rs 78.89 crore a year ago. The stock closed 4.14 per cent down at Rs 94.90 on BSE on Friday.