Published on 17/01/2020 9:55:19 AM | Source: Dion Global Solutions Ltd

Karnataka Bank Q3 net profit down 12.30% at Rs 123.14 cr

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The bank reported standalone net profit of Rs 123.14 crore for the quarter ended December 31, 2019 as compared to Rs 140.41 crore in the same period last year, registering a year-on-year decline of 12.30 per cent. Interest income of the bank rose by 7.07 per cent at Rs 1621.55 crore for the quarter ended December 31, 2019 as against Rs 1514.42 crore in the corresponding period last year.

During the October-December quarter, total income rose moderately by 11.45 per cent to Rs 2,023.68 crore from Rs 1,815.79 crore in the year ago period. Meanwhile, operating expenses increased by 7.52 per cent to Rs 1,521.89 crore from Rs 1,415.42 crore in the same period last year.

Operating profit surged 25.33 per cent to Rs 501.79 crore from Rs. 400.37 crore. Provisions and Contingencies surged by 50.58 per cent at Rs 314.70 crore from Rs 208.99 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 4.06 per cent at Rs 507.75 crore versus Rs 487.95 crore in the year ago period.

Non-interest income rose 33.43 per cent year-on-year to Rs 402.13 crore. On the asset side, gross non- performing assets (NPAs) rose to 4.99 per cent of the gross advances as at the end of December 31, 2019 from a level of 4.45 per cent year earlier. Its net NPAs or bad loans too increased to 3.75 per cent of net advances on December 31, 2019 from 3.00 per cent a year ago.