Karnataka Bank Reports Unprecedented All-Time High Profit

Karnataka Bank Reports Unprecedented All-Time High Profit

Karnataka Bank Reports Unprecedented All-Time High Profit: Karnataka Bank, which is based in Mangaluru, made an all-time high net profit of Rs 1,032.04 crore for the first nine months of the fiscal year ending in December 2023. This is up from Rs 826.49 crore made during the same time last year. The bank’s income has grown by 25% year over year during this time.

Karnataka Bank Reports Unprecedented All-Time High Profit

According to a bank release, the bank made a net profit of Rs 331.08 crore in Q3FY 2023–24, which is 10.11 percent more than the same time last year when it made a net profit of Rs 300.68 crore.

The financial results for the three months and nine months ending December 31, 2023, were accepted by the board of directors at their meeting on Tuesday in Mangaluru.

As of December 31, 2023, the bank’s record business revenue was Rs 1,61,936.36 crore, which is a growth rate of 9.22% year over year. Advances of Rs 69,740.97 crore were up 9.53 percent year over year, and deposits of Rs 92,195.39 crore were up 8.98% year over year.

During that time, the level of the assets also got better. The GNPA has gone down from 3.74 percent in March 2023 to 3.64 percent now, a drop of 10 basis points. Similarly, the NNPA also declined by 15 bps to 1.55 percent from 1.70 percent, the release added.

Karnataka Bank CEO and managing director H Srikrishnan announced the results and said that the bank’s overall success was due to changes it made to improve efficiency and make the bank more like other banks.

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