Karnataka Bank Q4 net profit up 15%

Private sector lender Karnataka Bank on Wednesday posted an all time high annual net profit of Rs. 483 crore for the financial year 2020-21, registering a 12% growth over the previous year’s revenues.

The net profit for the fourth quarter ended March 2021 is Rs. 31.36 crore, a 15% jump over the previous year. The bank’s board also recommended a dividend of 18%.

“This turned out to be the best result under the unprecedented tough conditions triggered by Covid-19 pandemic,” Bank’s managing director Mahabaleshwara MS said in a press release.

The business turnover of the bank was at Rs. 1,27,348 crore as on March 31, 2021. The deposits stood at Rs. 75,655 crore and advances at Rs. 51,694 crore. The CASA deposits grew 15% and reached an all time high of 31% of total deposits as on March 31, 2021.

Mahabaleshwara said vaccinations coupled with other measures including restructuring by the RBI will help needy borrowers and the banking sector overcome the challenges posed by the pandemic.

The bank also announced the appointment of Balakrishna Alse S, a former executive director of Oriental Bank of Commerce, as an additional director on its board.

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Karnataka Bank Q3 results: Net profit grows 10%

Karnataka Bank has posted a net profit of Rs 135 crore for the December quarter of current financial year with a growth rate of 10% as against Rs 123 crore during the corresponding quarter of last year.

The bank posted a net profit of Rs 451 crore for the nine-month period ended December 2020, posting a growth of 11.5% over the same period of last year, the bank said in a press release, and added its net NPA has dropped to 1.74%.

Bank chief executive Mahabaleshwara MS said the strong numbers reflected the resilience of the bank in spite of Covid-19 pandemic. “Our efforts to realign the asset portfolio towards retail and mid corporate advances are paying desired results. All our cost efficiency measures have yielded positive results as the overall cost declined by 2.35%. The digital loan sanction is showing positive traction and gaining popularity.”

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Karnataka Bank Q4 net profit down 55.76 per cent

Karnataka Bank Ltd registered a net profit of Rs.27.31 crore in the fourth quarter of 2019-20 as against a net profit of Rs.61.73 crore in the corresponding period of the previous fiscal, recording a decline of 55.76 per cent.

The board of directors of the bank met on Saturday to consider the audited financial result for 2019-20.

The gross NPA of the bank stood at 4.82 per cent during the Q4 of 2019-20 as against 4.41 per cent in the corresponding period of 2018-19. The net NPA was at 3.08 per cent (2.95 per cent) during the period.

Provisions (other than tax) and contingencies increased to Rs.356.50 crore during the Q4 of 2019-20 as against Rs.217.73 crore in the corresponding period of the previous fiscal.

Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, a press release said that the financial year just concluded was no doubt challenging but the bank has been able to sail smooth.

He said the operational efficiency has further got momentum. As a result, stressed assets were further moderated during the financial year. The bank also focussed on resilience by improving the PCR (provision coverage ratio). The PCR improved to 64.70 per cent as on March 31 2020 2019-20 from 58.45 per cent as on March 31 2019, he said.

NII

The net interest income (NII) of the bank stood at Rs.529.3 crore (Rs.480.88 crore), and the other income at Rs.440.37 crore (Rs.290.59 crore) during Q4 of 2019-20. The net interest margin (NIM) was at 2.86 per cent (2.87 per cent) during the quarter.

The bank recorded a net profit of Rs.431.78 crore for 2019-20 as against Rs.477.24 crore for 2018-19.

“Going forward even though COVID-19 pandemic era is a phase of uncertainties’, the bank is committed to ‘conserve, consolidate and emerge stronger’ by having a conservative approach,” Mahabaleshwara said.

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Karnataka Bank Q3 profit falls 12%

Private sector lender Karnataka Bank on Thursday reported a 12 per cent decline in its net profit at Rs 123.14 crore for the third quarter ending December 31, 2019 on account of rise in bad loans.

The Mangalore-headquartered bank had reported a net profit of Rs 140.41 crore in the year-ago period, the bank said in regulatory filing.

However, the total income of the bank rose to Rs 2,023.68 crore from Rs 1,815.79 crore in the same quarter a year ago.

The gross non-performing asset (NPA) of the bank rose to 4.99 per cent of assets from 4.45 per cent in the year-ago period.

Similarly, the net NPA too increased to 3.75 per cent from 3 per cent during September-December 2018.

As a result, provisions (other than tax) and contingencies rose to Rs 314.70 crore from Rs 208.99 crore in the third quarter of the previous fiscal.

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Karnataka Bank Q2 profit drops 5.3% as bad loans go up

Karnataka Bank on Tuesday reported a 5.3% fall in net profit at Rs105.91 crore for the second quarter ended September of the current fiscal as bad loans increased marginally.

The private sector bank had posted a net profit of Rs111.86 crore in the corresponding July-September quarter of the previous fiscal ended March 2019.

The bank's total income rose to Rs1,938.40 crore during September quarter of 2019-20 as against Rs1,653.81 crore in the year-ago period, the bank said in a regulatory filing.

The asset quality of the bank showed a slight blip as gross non-performing assets (NPAs) rose to 4.78% of the gross advances as on September 30, up from 4.66% a year ago.

In absolute value terms, gross NPAs stood at Rs2,594.27 crore as against Rs2,371.62 crore.

Similarly, net NPAs or bad loans rose to 3.48% (Rs1,863.11 crore) from 3% (Rs1,497.68 crore) a year ago.

The provisions for bad loans and contingencies too were raised to Rs262.40 crore for July-September from Rs193.22 crore in the corresponding quarter of 2018-19.

Provision coverage ratio as on September 30 stood at 59.19% (57.49% as on September 2018), the bank said.

The bank clocked a total business of Rs1,23,658.07 crore, registering a year-on-year growth of 8.61%. Deposits rose to Rs70,189.65 crore, up 9.87%, it said.

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Karnataka Bank reports record quarterly profit in Q1FY20

Mangaluru headquartered private sector Karnataka Bank posted an all-time high quarterly net profit of Rs 175 crore in the April-June quarter, registering 7.5 per cent growth year-on-year. 

The business turnover of the bank touched Rs 1,21,340 crore as on June 30, recording 10 per cent growth on a year-on-year basis. Gross NPAs declined to 4.55 per cent compared to 4.72 per cent reported in the corresponding quarter of the previous year as of June 30, according to a press release from the bank. 

Bank MD Mahabaleshwara MS said: “I am confident of keeping the momentum going as the bank has registered all round growth in almost all spheres of banking.” The performance, he added assumed significance as it had been delivered in a not so favorable economic condition.” 

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Karnataka Bank Recruitment 2019

Karnataka Bank has published an Advertisement for below mentioned Posts 2019. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below in the advertisement.

Posts: Clerk

Educational Qualification: Candidates having Graduation Degree in any Discipline from any recognized University/Institute will be eligible for this post.

Language Knowledge: Candidates having any of the vernacular/state language knowledge along with English & Hindi in Reading, Writing & Speaking will be eligible for this recruitment.

Computer Proficiency: Candidates having Basic Knowledge in Computers will be eligible for this recruitment.

Age Limit: (As on 01/July/2019)

Maximum: 26 Years

Age Relaxation (Upper Age Limit)-

SC/ST: 05 Years

OBC: 03 Years

Application Fees: 

General /OBC – Rs. 600/-

SC/ST/PH – Rs. 500/-

Payment will be made through Debit Card/Credit Card/Net banking/E Challan

Pay Scale: Rs.37,000/- Per Month

Selection Process: Candidates will be selected based on an interview.

How to Apply: Interested Candidates may Apply Online Through official Website.

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Apply Online: Click Here

Important Dates:

Starting Date of Online Application: 10-07-2019

Last Date to Apply Online: 20-07-2019

Fee Payment Last Date: 20-July-2019

Last Date Complete: 20-July-2019

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Karnataka Bank Q4 net profit jumps nearly 6-fold

Karnataka Bank May 13 posted close to a six-fold jump in net profit at Rs 61.73 crore during March quarter 2019. The bank clocked a profit of Rs 11 crore during January-March period of 2017-18. The profit was however lower from Rs 140.41 crore reported in December quarter 2018-19. Total income during the latest quarter grew 4.85 per cent to Rs 1,821.88 crore from Rs 1,737.55 crore in year-ago same period, Karnataka Bank said in a regulatory filing.

Net interest income dipped 11.20 per cent to Rs 480.88 crore in March quarter, as against Rs 541.51 crore in the year-ago period.

Net interest margin -- a gauge of profitability for banks--was lower by 67 basis points to 2.87 per cent for the latest quarter as against 3.54 per cent a year ago.

Karnataka Bank said its gross NPAs came down to 4.41 per cent of gross advances by end of March 2019 from 4.92 per cent by the year-ago same period. Net bad loans were also down to 2.95 per cent from 2.96 per cent.

For full 2018-19 fiscal, Karnataka Bank posted an all-time high annual profit of Rs 477.24 crore, rising by 46.57 per cent from the previous fiscal, it said. The previous highest net profit of Rs 452.26 crore was posted during 2016-17.

The bank's board on Monday recommended a dividend of Rs 3.50 per share for the fiscal, it said. Bank's provision coverage ratio stood at 58.45 per cent as on March 31, 2019 (54.56 per cent as on March 31, 2018)

The lender said it has raised Rs 320 crore under tier II capital by issuing Basel III-compliant subordinated debt instrument, on private placement basis during the quarter.

The total amount raised during the year by issue of such instruments is Rs 720 crore.

The highest net profit during the year has been possible on account of consistent and sustained growth, said Mahabaleshwara MS, Managing Director and CEO of the bank.

"Further, this is the first full year of Karnataka Bank VIKASS, the transformation initiative of the bank, which is centred around credit, IT, HR etc. This initiative has started bearing result as the bank is now functioning as 'one bank, one team' and the initiative has resulted in further strengthening of the fundamentals," he said.

The advances of the bank rose 16.03 per cent to Rs 54,828 crore by end of March 2019; deposits were up 8.88 per cent to Rs 68,452 crore.

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Karnataka Bank posts 61% jump in Q3 profit

Mangaluru-headquartered private sector bank Karnataka Bank has reported Rs 140 crore in net profit for the quarter ended December, posting a robust 61% year-on-year growth. The bank has, for April-December period, reported a net profit of Rs 416 crore, registering a growth of 32% for the same period in the previous year.

The bank has also lowered its gross NPA to 4.45% in Oct-December quarter from 4.66% in the previous quarter. The net NPA remains at 3%, the bank said in a press release.

The bank's business turnover touched Rs 1.17 lakh crore as on December end, clocking a year-on-year growth of 14.67%. The advances grew at a higher pace at 17% year-on-year, compared to deposits which showed a year-on-year growth of 13%.

In his statement, Bank's MD & CEO M.S.Mahabaleshwara said: “The Q3 results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward”.

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Karnataka Bank Recruitment for Officer Scale-I (PO) 2018

Karnataka Bank has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Officer Scale-I (PO)

Educational Qualification: Candidates should be Post Graduates in any discipline (Excluding PG Diplomas) or Graduates in Agricultural Sciences or Law as on 01st of December 2018. Those who are awaiting results shall not be eligible to apply.

Age Limit: Minimum 21 years to Maximum 28 years [Candidate must have been born not earlier than 02-12-1990 and not later than 01-12-1997 (both days inclusive)] as on 01-12-2018. The age limit will be relaxed by 5 years for SC/ST candidates.

Important Dates:

Starting Date of Online Application: 24-12-2018

Last Date to Apply Online & Edit Application: 02-01-2019

Last date for printing your application: 17th of January 2019

Online Fee Payment: 24th of December 2018 to 02nd of January 2019

How to Apply: Interested Candidates may Apply Online Through official Website.

Apply Online: Click Here

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Karnataka Bank Q2 net profit up 20%

Private sector Karnataka Bank has reported a rise of 20 per cent in its net profit at Rs 111.86 crore in the second quarter ended September 2018 on healthy interest income and lower provision for bad assets. The bank had reported a net profit of Rs 93.38 crore in the corresponding July-September quarter of 2017-18.

Total income of the bank increased to Rs 1,653.81 crore in the second quarter of 2018-19, from Rs 1,565.75 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.

Bank's earnings from interest moved up to Rs 1,452.61 crore during the September quarter as against Rs 1,317.93 crore in the year-ago period. The provisioning for bad loans and contingencies for the quarter came down to Rs 193.22 crore as against Rs 225.98 crore.

On asset quality, the net non-performing assets (NPAs) came down to 3 per cent of the net advances by the end of September 30, 2018, as against 3.04 per cent in the same period a year earlier.

In value terms, net NPAs stood at Rs 1,497.68 crore as on September 30, 2018, as against Rs 1,246.81 crore as at end-September 2017.

Gross NPA ratio rose to 4.66 per cent (Rs 2,371.62 crore) against 4.13 per cent (Rs 1,715.70 crore). Provision coverage ratio as at September 30, 2018 stood at 57.49 per cent (46.94 per cent at September 2017).

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Karnataka Bank posts highest ever quarterly profit in Q1

Private sector lender Karnataka Bank has reported highest ever quarterly profit at Rs 163.2 crore, a growth of 22 percent over Rs 133.85 crore recorded in same period last year. The growth was driven by the improvement in asset quality, higher net interest income and operating income.

Net interest income, the difference between interest earned and interest expended, grew by 10.4 percent year-on-year to Rs 468.6 crore for the quarter ended June.

"Highest ever quarterly profit, historically high CD ratio, reduction in slippages, moderating NPAs, improved NIM & NII etc., are clear indications of robustness of future growth prospects of the bank," Mahabaleshwara M S, Managing Director & CEO said.

The deposits of the bank increased 11.56 percent year-on-year to Rs 62,725 crore while advances growth was 24.28 percent at Rs 47,731 crore in Q1. On the asset quality front, gross non-performing assets (NPA) were lower at 4.72 percent (against 4.92 percent QoQ) and net NPA also declined at 2.92 percent (compared to 2.96 percent QoQ) in Q1FY18.

Provisions for bad loans in Q1 increased 11.55 percent to Rs 222 crore compared to Rs 199 crore reported in same period last year, but fell sharply by 59 percent quarter-on-quarter.

Provision coverage ratio improved to 57.21 percent for the quarter ended June, from 41.1 percent in March quarter.Operating profit during the quarter grew by 19.11 percent to Rs 368.88 crore while other income fell 3.95 percent to Rs 208.80 crore compared to year-ago.

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Karnataka Bank Q4 profit down 92%

Karnataka Bank on Tuesday reported a 92% slump in net profit at Rs11 crore for the March quarter due to multi-fold jump in provisioning for bad assets.

During the same quarter of 2017, the bank had made a net profit of Rs138.37 crore.

The bank’s provisioning for bad loans and contingencies was hiked over three-times to Rs541.75 crore during March quarter as against Rs160.40 crore in the year-ago period, Karnataka Bank said in a BSE filing.

Income during the quarter increased to Rs1,737.55 crore as against Rs1,606.19 crore earlier.

For the full fiscal 2017-18, the bank said its net profit fell to Rs325.61 crore as against Rs452.26 crore. Income during the year was up at Rs6,378.09 crore from Rs5,994.74 crore.

Provisioning amount for the full year more than doubled at Rs1,163.01 crore against Rs527.85 crore in the preceding year.

Asset-wise, gross non-performing assets (NPAs) rose to 4.92% of the gross advances by the end of March 2018 from 4.21% a year ago. In absolute value, gross NPAs were Rs2,376.07 crore as against Rs1,581.59 crore. Net NPAs also increased to 2.96% (Rs1,400.51 crore) compared with 2.64% (Rs974.73 crore).

Karnataka Bank board has recommended dividend of Rs3 per share for the year ended 31 March. The provision coverage ratio as at end-March 2018 stood at 54.56% (54% as on 31 March 2017).

On the divergence in asset classification and provisioning for NPAs for 2016-17, the lender showed a gap of Rs1,115.10 crore in terms of gross NPAs. For net NPAs, the divergence came in at Rs667.86 crore. Thus, the divergence in NPA provisioning for the fiscal stood at Rs472.50 crore.

The divergence with respect to bad loans, calculated on the basis of of figure reported by the bank and that assessed by the central bank, led to an adjusted net loss of Rs95 crore for 2016-17.

Otherwise, the bank had reported a net profit of Rs452.26 crore for that financial year.

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Karnataka Bank Recruitment for various post 2018

Karnataka Bank, a leading technologically advanced Private sector Bank with a pan-India footprint, is inviting applications for filling up the posts of Probationary Officers (Scale I) to be positioned at its Branches / Offices located across India. Last date for receipt of applications is 20th March 2018. Check below for more details.

Posts: Probationary Officers (Scale I)

Educational Qualification: 

• Agricultural Field Officers (AFOs)
• Graduates/Post-Graduates in Agricultural Science, Horticulture & Agricultural Marketing from UGC recognized universities. Those who are awaiting results of degree examination/pursuing degree are not eligible to apply.
• Chartered Accountants
• First Class Graduates (from UGC recognized universities) with CA. Those who have completed  Inter & pursuing CA may also apply.
• Law Officers
• First Class Law Graduates (from UGC recognized universities) with minimum 3 years’ experience (Practice) in handling court cases.
• Relationship Managers
• First Class Graduates with MBA-Marketing (under regular stream) from UGC recognized universities. Those who are awaiting results of the examination/pursuing PG are not eligible to apply.

Age Limit: Maximum 28 years (Born on or after 01-01-1990) The age limit will be relaxed by 5 years for SC/ST candidates.

Selection Process: Candidates will be selected based on an interview.

How to Apply: Applications, neatly written or typed on A4 size paper, in accordance with the specified proforma (made available on Bank’s website) along with Bio-data/CV should be sent to “The Deputy General Manager (HR & IR), Karnataka Bank Limited, Head Office, Mahaveera Circle, Kankanady, Beangaluru - 575002” superscribing the envelope with “Application for the Post of ______________________”.

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Last Date: 20-03-2018

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Karnataka Bank Q3 net profit up 27.5%

Private sector lender Karnataka Bank has reported a whopping 27.6 percent growth in profit for quarter ended December 2017, with improving asset quality. The growth was driven by net interest income, operating income and other income.

Profit during the quarter increased to Rs 87.4 crore, up from Rs 68.5 crore in year-ago, the bank said in its filing.

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Karnataka Bank Q2 net profit down 25%

Karnataka Bank Ltd on Friday said its second-quarter net profit fell 24.58% on the back of higher provisioning. Net profit fell to Rs93.38 crore for the three months ended 30 September from Rs123.82 crore in the same quarter last year.

Profit was lower than the Rs131 crore estimated by a Bloomberg poll of two analysts.

Despite this, the bank increased provisions during the quarter to Rs225.98 crore as against Rs130.55 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs198.88 crore in provisions.

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Karnataka Bank Q1 profit up 10% at Rs134 crore

Private sector lender Karnataka Bank has posted a 10.13 percent rise in net profit at Rs 133.85 crore for the first quarter of the current fiscal.

The bank had reported a net profit of Rs 121.54 crore in the April-June quarter of 2016-17.

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Karnataka Bank Q4 result, profit up 30% at Rs138 crore

Private sector Karnataka Bank Ltd has reported a rise of about 30% in net profit at Rs138.37 crore for the last quarter ended March. It had posted a net profit of Rs106.79 crore during corresponding period of fiscal 2016.

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