JOIN USKarnataka Bank Limited (KBL) has posted a net profit of Rs 146.42 crore for the third quarter of the current financial year with a year-on-year growth rate of 8.16% as against Rs 135.37 crore of net profit earned during the corresponding quarter of the previous year.
In a meeting of the board of directors held in Mangaluru through video-conferencing, the board approved the financial results for the quarter and nine months period ended December 31, 2021.
The asset quality also improved significantly. The gross non-performing asset (GNPA) has declined by 39 bps to 4.11% from 4.50% as compared to the sequential previous quarter i.e. September 2021.
In absolute terms, GNPA declined by Rs 170.60 crores, to Rs 2,330.52 crores from Rs 2,501.12 crore during the previous quarter. The net non-performing assets (NNPA) also declined by 39 bps to 2.45% from 2.84% as compared to the sequential previous quarter i.e. September 2021.
Further, the NNPA amount also reduced by Rs 186.37 crore to Rs 1,359.89 crore from Rs 1,546.26 crore as of the previous quarter.
Announcing the results at the Bank’s headquarters in Mangaluru, Bank Managing Director and Chief Executive Officer (CEO) Mahabaleshwara M S said, “This has been one more quarter of consistent and satisfactory performance without any negative surprises. In spite of the adverse effect of the pandemic on the economy, the stress in credit portfolio is receding as could be seen by the reduction in GNPA to 4.11% from 4.50%, NNPA to 2.45% from 2.84%.”