Further, for the nine months’ period ended December 31, 2020, Bank posted a net profit of Rs451.10cr as against Rs404.47cr for the corresponding period of last year with yoy growth rate of 11.53%.
The company’s board approved the financial results for Q3FY21 and nine months period ended December 31, 2020 of FY21 on Tuesday. The operating profit during Q3 of the current financial year is Rs437.96cr. Further, for the nine months period of the current financial year, the operating profit stood at Rs1,615.34cr as against Rs1,265.23cr for the corresponding period of the previous year and registered a yoy growth of 27.67%.
Bank has clocked a business turnover of Rs1,27,013.55cr as on December 31, 2020, with deposits of Rs73,826.06cr and Advances Rs53,187.49cr. Retail and mid corporate advances have shown a yoy growth of 9.75%.
Gross NPA of the Bank has moderated to 3.16% as on December 31, 2020 from 4.99% as on December, 31, 2019. Similarly, Net NPA has also come down to 1.74% from 3.75%.
"The strong numbers of Q3 depict the resilience of Karnataka Bank inspite of Covid-19 pandemic. Our efforts to realign the asset portfolio towards retail and mid corporate advances is paying desired result as the same has grown at the rate of 9.75% yoy resulting in increased NII which has grown at a rate of 14.85% yoy. Moreover, strong operating profit which grew at the rate of 27.67% yoy has further strengthened the Provision Coverage Ratio (PCR) to an all-time high of 80.51 %. Asset Quality has almost remained stable despite the economic slowdown,” Mahabaleshwara M S, Managing Director & CEO of the Bank, said.
The company stock gained over 1% in early trade and at around 9.43 am, Karnataka Bank Ltd was trading at Rs68.30 per piece up Rs0.60 or 0.89% on the BSE.