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Karnataka Bank Q1 profit up by 21.96% to Rs.163.24 crores

Posted On: 2018-07-12 16:21:32

Karnataka Bank posted a Net Profit of Rs. 163.24 crores, during Q1 of FY 2018-19 with a growth rate of 21.96% as against Rs. 133.85 crore during Q1 of 2017-18. This is the highest ever quarterly profit declared by the Bank. The previous best was Rs. 138.37 crores during Q4 of FY17.

The operating profit of the Bank has also increased from Rs. 309.70 crore to Rs. 368.88 crore showing a growth rate of 19.11%. The Net Interest Income also has increased by 10.40% on year-on-year basis to Rs. 468.58 crore from Rs. 424.42 crore.

In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the financial results for the quarter ended June 30, 2018.

The business turnover of the Bank has touched Rs. 1,10,456 crore as on 30-06-2018, registering a growth rate of 16.72% on year-on-year basis. The deposits of the Bank grew from Rs. 56,227 crore to Rs. 62,725 crore with a y-o-y growth rate of 11.56%. Advances grew from Rs. 38,405 crore to Rs. 47,731 crore with a y-o-y growth rate of 24.28%. The CD ratio has improved to 76.10% from 68.30%, as on 30-06-2018.

Gross NPAs stood at 4.72% compared to 4.92% reported in the previous quarter i.e as of 31-03-2018. Net NPAs also declined to 2.92% from that of 2.96% as of 31-03-2018.

Expressing his satisfaction on the Q1 result of the Bank, Shri Mahabaleshwara M. S., Managing Director & CEO of the Bank, described the result as "Efficiency driven performance which has taken care of both bottom line as well as top line" and observed that, "Q1 results are the testimony for the ability of the Bank to grow at a faster pace by further improving its fundamentals. 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. Bank will continue to focus on customer service and will have a hall mark of consistent performance in the days to come".

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.124.25 as compared to the previous close of Rs. 118.55. The total number of shares traded during the day was 1271094 in over 7484 trades.

The stock hit an intraday high of Rs. 127.15 and intraday low of 118.55. The net turnover during the day was Rs. 156375613.

Source: Equity Bulls

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