Karnataka Bank Q1 FY23 net profit up by 8% to Rs 114cr

Karnataka Bank Q1 FY23 results : Karnataka Bank has reported a net profit of INR 114.05 crores for the quarter ended 30 June 2022 (Q1 FY23), an increase of 7.69% compared to INR 105.91 crores made in the same quarter of the previous financial year.

The net interest income of Karnataka Bank for the reported quarter was INR 687.56 crores, which is a 19.62% increase compared to INR 574.79 crores reported in Q1 FY22.

As on 30 June 2022, the private sector bank had a turnover of INR 1,38,935.71 crores, compared to INR 1,27,846.08 crores, which is a year-over-year (YoY) growth of 8.67%.

Karnataka Bank had deposits of INR 80,576.38 crores as on 30 June 2022 with a YoY growth of 5.72%.

Mahabaleshwara M S — Karnataka Bank Managing Director and CEO, commenting on Karnataka Bank Q1 FY23 results, said: “Despite multiple headwinds, the Indian economy has grown in line with RBI’s range predictions for GDP in the first quarter of the current fiscal year.

“We saw tangible recovery in contact-intensive sectors even as the rest of the economy held firm. At Karnataka Bank, we too started the New Financial Year with a comfortable first quarter, wherein the growth has been consistent and broad based as our credit grew by 13.03% YoY and CASA by 12.51 % YoY.”

Recently, Karnataka Bank signed a memorandum of understanding with JCB India for equipment finance business.