Karnataka Bank posts record profit of Rs 400.33 crore in Q1

Karnataka Bank posts record profit of Rs 400.33 crore in Q1

Karnataka Bank on Wednesday reported a record 7.99 per cent rise in net profit to Rs 400.33 crore for the June 2024 quarter.

In the year-ago period, the bank posted a net profit of Rs 370.70 crore.

The bank also achieved its highest business turnover at Rs 1,75,619 crore for the April-June period of 2024-25 compared to Rs 1,49,971 crore for the corresponding quarter of last fiscal.

Its operating profit stood at Rs 558.59 crore and net interest income stood at Rs 903.36 crore in the last quarter ended June 30, 2024.

The aggregate deposits of the bank stood at Rs 1,00,164 crore for the first quarter of 2024-24 against Rs 86,960 crore a year ago.

The book quality is steadily improving with Gross NPA declining to 3.54 per cent at the end of the first quarter in FY25 from 3.68 per cent in the same period of FY24.

Net NPAs stood at 1.66 per cent in the April-June quarter of 2024-25 over 1.43 per cent in the last fiscal.

"We are happy to report multiple milestones in financial performance crossing Rs 1.75 lakh crore in business turnover, reaching Rs 1 lakh crore in aggregate deposits and Rs 75 lakh crore in gross advances," Srikrishnan H, Managing Director & CEO of Karnataka Bank, said.