Karnataka Bank Q1 net profit increases multi-fold to Rs 370.70 crore

The business turnover of the bank was at Rs 1,48,449.27 crore as on June 30, 2023, compared to Rs 1,38,936.17 crore in the previous year, registering a YoY growth of 6.85 percent. The deposits of the bank stood at Rs 86,959.86 crore with a YoY growth of 7.92 percent and advances at Rs 61,489.41 crore with a YoY growth of 5.36 percent.

The gross NPAs declined to 3.68 percent, compared to 4.03 percent in the previous year. Similarly, net NPAs also declined to 1.43 percent from 2.16 percent in the corresponding Q1 of the previous year.

The bank is also making steady progress in its customer franchise building and has acquired 1.72 lakh new customer accounts in the quarter. The bank did well in the sale of mutual funds and co-branded credit card as well.

Commenting on the Q1 FY24 financial results, Managing Director and CEO H Srikrishnan said the bank is rightly positioned to leverage franchise strengths and is poised for accelerated growth.

Having made the right investments in technology, the bank will work towards creating tech-enabled business models including partnering with new-age FinTechs that will supplement its growth aspirations, he said.