Karnataka Bank reports annual net profit of Rs 482.57cr for FY20-21

Karnataka Bank has reported an annual net profit of INR 482.57 crores for FY 2020-21, an 11.76% growth compared to last year’s net profit of INR 431.78 crores.

The public sector commercial banking company had a net profit of INR 31.36 crores for the fourth quarter ended March 2021, which is a 14.83% increase compared to the net profit of INR 27.31 crores for the corresponding fourth quarter of 2019-20.

The bank’s board has recommended a dividend of 18%, which is to be approved during its upcoming annual general meeting.

The business turnover of Karnataka Bank was at INR 1,27,348.56 crore as of 31 March 2021. Its deposits stood at INR 75,654.86 crores and advances at INR 51,693.70 crores.

Karnataka Bank stated that its operating profit was up by 20.67% to INR 1,999.14 crore.

Karnataka Bank reports annual net profit of Rs 482.57cr for FY20-21. Photo courtesy of Free-Photos from Pixabay.

MS Mahabaleshwara – Managing Director and CEO of Karnataka Bank said: “This turned out to be the best result under the unprecedented tough conditions triggered by COVID-19 pandemic. 1he all-time high annual net profit of Rs. 482.57 crores, the highest ever CRAR of 14.85%, very satisfactory PCR of 70.05%, a new high of 31.49% in CASA, over 90% digital transactions, moderation in NPAs etc., all indicate that economic prescription of the Bank for COVID-19 era – i.e ‘Conserve, Consolidate and Emerge Strong’ – has provided the much required immunity.”