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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