Private sector lender Karnataka Bank on Tuesday reported a 10% rise in net profit to ₹331 crore for the third quarter ended December 2023. The bank had earned a net profit of ₹301 crore in the October-December quarter of 2022.
The total income increased to ₹2,439 crore in the third quarter of the current fiscal compared to ₹2,055 crore in the year-ago period, Karnataka Bank said in a regulatory filing.
In the latest quarter, the bank's interest income rose to ₹2,113 crore from ₹1,851 crore in the same period last fiscal. However, the net interest income declined to ₹828 crore from Rs 835 crore at the end of the third quarter of last year.
The gross non-performing asset (NPA) ratio declined to 3.64% as of December 31, 2023. In the year-ago period, it stood at 3.28%. However, the net NPA declined to 1.55% compared to 1.66% at the end of December 2022. The provision coverage ratio stood at 80.75% at the end of December 2023.
The bank clocked a business turnover of ₹1,61,936 crore, registering a growth of 9.22%, with advances of ₹69,741 crore and deposits of ₹92,195 crore. The net interest margin came down to 3.46 during the quarter against 3.81% at the end of the third quarter of the previous fiscal.
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