Karnataka Bank Ltd reports Rs. 119.35 crore consolidated PAT in Q2FY21

KARNATAKA BANK LTD. has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.1933.52 crores during the period ended September 30, 2020 as compared to Rs.2134.63 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.119.35 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.196.38 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.3.84 for the period ended September 30, 2020 as compared to Rs.6.32 for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 1933.52 crs	₹ 2134.63 crs	-9.42%
Net Profit	₹ 119.35 crs	₹ 196.38 crs	-39.22%
EPS	₹ 3.84	₹ 6.32	-39.24%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.1933.52 crores during the period ended September 30, 2020 as compared to Rs.1902.41 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.119.35 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.105.91 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.3.84 for the period ended September 30, 2020 as compared to Rs.3.41 for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 1933.52 crs	₹ 1902.41 crs	1.64%
Net Profit	₹ 119.35 crs	₹ 105.91 crs	12.69%
EPS	₹ 3.84	₹ 3.41	12.61%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.4068.15 crores during the 6 months period ended September 30, 2020 as compared to Rs.3696.74 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.315.73 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.281.33 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.10.16 for the 6 months period ended September 30, 2020 as compared to Rs.9.05 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 4068.15 crs	₹ 3696.74 crs	10.05%
Net Profit	₹ 315.73 crs	₹ 281.33 crs	12.23%
EPS	₹ 10.16	₹9.05	12.27%

The business turnover of the Bank has touched Rs 1,27,021.51 crore as on 30-09-2020, registering 2.72% growth on year-on-year basis. The deposits of the Bank grew from Rs 70,189.65 crore to Rs 72,922.58 crore and advances grew from Rs 53,468.42 crore to Rs 54,098.93 crore. The CD ratio is at 74.18%.

Gross NPAs declined to 3.97% compared to 4.78% as at 30.09.2019. Similarly, Net NPAs also declined to 2.21% from 3.48%.

The Capital Adequacy Ratio of the Bank has stood at 13.08% as compared to 12.64% as on 30-09-2019.

Expressing his satisfaction on the Q2 result of the Bank, Shri Mahabaleshwara M. S., Managing Director & CEO of the Bank, said "I am happy that this time Karnataka Bank has the privilege of flagging off Q2 earnings season for banking sector as we happen to be the first Bank to come out with Q2 FY21 results. I am very satisfied with the results as we have been able to keep the bottom line intact with a steady growth of 12.23% in net profit, improve the asset quality significantly as the GNPA and NNPA decreased to 3.97% and 2.21%, respectively. Further, the Provision Coverage Ratio has also reached an all time high of 75.44% on account of accelerated prudent provisioning. The Bank has been successful in withering away the impact of COVID19 pandemic as the retail and mid corporate advances have also grown at 8.53% and 16.52%, respectively and share of CASA deposits also rose to 29.17% of total deposits. Bank has now started reaping the benefits of 'KBL VIKAAS', its Transformation exercise and there is significant improvement in all the fundamental parameters including the NIM (Net Interest Margin) which rose to 3.08% during the current quarter and CAR (Capital Adequacy Ratio) continuing at 13.08%. Going forward Bank is confident of continuing the consistent and sustainable performance and I thank all the customers and shareholders for their cooperation and patronage".

Shares of KARNATAKA BANK LTD. was last trading in BSE at Rs.42 as compared to the previous close of Rs. 41.9. The total number of shares traded during the day was 68046 in over 335 trades.

The stock hit an intraday high of Rs. 42.6 and intraday low of 41.8. The net turnover during the day was Rs. 2866532.

Source : Equity Bulls

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