Karnataka Bank Q3 FY2021-22 net profit up by 8.1% to Rs 146.4cr

Karnataka Bank has reported a net profit of INR 146.42 crores for the third quarter of the current financial year (Q3 FY2021-22), an increase of 8.16% compared to INR 135.37 crores made in the same quarter of the previous financial year.

The net interest income of Karnataka Bank for the reported quarter was INR 622.65 crores, which is a 1.4% increase compared to INR 614.05 crores reported in Q3 FY2020-21.

As of 31 December 2021, the Indian public sector bank reported a business turnover of INR 1,33,918.07 crores, a year-over-year (YoY) growth rate of 5.44%. The bank’s deposits had a YoY increase of 6.24% to INR 78,428.71 crores.

Mahabaleshwara M S — Karnataka Bank Managing Director and CEO said: “This has been one more quarter of consistent and satisfactory performance without any negative surprises. Inspite 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%.

“Added to this, the PCR has also further improved to 73.74% from 71.75%.”