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    Karnataka Bank’s net profit grows 105% in Dec quarter

    Synopsis

    The asset quality also improved during the period. The Gross NPA has declined by eight basis points (bps) to 3.28 % from 3.36 % as compared to the sequential previous quarter. Similarly, the Net NPA also declined by six bps to 1.66 % from 1.72 % as compared to the sequential previous quarter, the bank said in a press release

    Karnataka Bank’s net profit grows 105% in Dec quarterETMarkets.com
    Mangaluru-headquartered private sector lender Karnataka Bank on Thursday reported a net profit of Rs 301 crore for the quarter ended December 2022, registering a growth rate of 105%. The bank had reported Rs 146 crore during the same period last year.

    The net profit for the first nine months of the financial year 2022-23 increased to Rs 826 crore with a year-on-year growth of 119% as against Rs 378 crore, reported during the same period last year.

    The asset quality also improved during the period. The Gross NPA has declined by eight basis points (bps) to 3.28 % from 3.36 % as compared to the sequential previous quarter. Similarly, the Net NPA also declined by six bps to 1.66 % from 1.72 % as compared to the sequential previous quarter, the bank said in a press release.

    The bank has clocked a business turnover of Rs 1,47,129 crore as on December 31, a 9.8% year-on-year growth. The deposits grew 7.9% and advances 12.5% year-on-year, the bank added.

    The impressive all round performance of the Bank is on account of improved operational efficiency facilitated by various initiatives under KBL VIKAAS, Bank’s MD & CEO Mahabaleshwara MS said. The net interest income has gone up by 26.74% and net interest margin improved to an all-time high of 3.63% as compared to 3.15% as on December end, he added



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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