Kar­nataka Bank Q2 net profit up 20% at ₹112 cr

The Hindu Business Line - - BANKING -

Kar­nataka Bank reg­is­tered a net profit of ₹111.86 crore in the sec­ond quar­ter of 2018-19 against a profit of ₹93.38 crore in the cor­re­spond­ing pe­riod of the pre­vi­ous fis­cal, record­ing a growth of 19.79 per cent dur­ing the pe­riod.

Speak­ing to Busi­nessLine af­ter the meet­ing of the board of direc­tors of the bank to ap­prove the fi­nan­cial re­sults, in Man­galuru, on Fri­day, Ma­ha­balesh­wara MS, Man­ag­ing Di­rec­tor and CEO of the bank, said that there has been con­sis­tent re­duc­tion in gross non-per­form­ing as­sets (NPAs) com­pared to the last two quar­ters.

Gross NPA, which was at 4.92 per cent at the end of March, came down to 4.72 per cent by the end of June. It fur­ther come down to 4.66 per cent at the end of Septem­ber.

Stat­ing that the bank has lined up a num­ber of mea­sures for NPA res­o­lu­tion in Q3, Ma­ha­balesh­wara said this would help the bank im­prove its NPA sta­tus.

The net NPA of the bank stood at 3 per cent in Q2 of 2018-19 against 3.04 per cent in the cor­re­spond­ing quar­ter of 2017-18.

The net in­ter­est in­come (NII) of the bank stood at ₹467.71 crore (₹440.24 crore), and the other in­come at ₹201.20 crore (₹247.82 crore) dur­ing the sec­ond quar­ter.

The to­tal busi­ness of the bank stood at ₹1,13,854 crore (₹97,621 crore) at the end of the sec­ond quar­ter of 201819, reg­is­ter­ing a growth of 16.63 per cent. The de­posits of the bank in­creased to ₹63,885 crore (₹56,558 crore), and ad­vances to ₹49,970 crore (₹41,062 crore) dur­ing the pe­riod.

Ma­ha­balesh­wara said the bank achieved an all-time high credit-de­posit (CD) ra­tio of 78.22 per cent dur­ing Q2 of 2018-19.

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