Karnataka Bank Q1 Results: Net profit grows 224% to Rs 371 cr, asset quality improves

The net non-performing assets (NNPAs) of the bank fell to 1.43 percent compared with 2.16 percent last year.

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Private sector lender Karnataka Bank on August 3 reported a massive 224 percent rise in net profit to Rs 371 crore for the April-June FY24 quarter from Rs 114 crore last year.

Net interest income (NII) was up 18.6 percent at Rs 815 crore versus Rs 687 crore last year, Karnataka Bank said in an exchange filing.

The gross non-performing assets of the Mangalore-based bank declined to 3.68 percent as compared with 4.03 percent last year.

Also read: Exclusive | Karnataka Bank to become new-age digital bank, push co-lending, says MD CEO

The net non-performing assets (NNPAs) of the bank fell to 1.43 percent compared with 2.16 percent last year.

The total deposits of the bank jumped by 8 percent to Rs 86,960 crore from Rs 80,577 crore last year. The current account and savings account (CASA) of the bank dipped from 32.8 percent to 32.2 percent.

On the advances, the lender recorded a growth of 5.4 percent. In the April-June FY24 quarter, the advances stood at Rs 61,489 crore from Rs 58,359 crore.

Earlier, Srikrishnan H, Managing Director and Chief Executive Officer (MD & CEO), Karnataka Bank in an exclusive interview to Moneycontrol said that the bank has a strong demand in the retail, agriculture and MSME segments.

"Alongside these, we have seen a jump in growth in loans against gold. We are exploring digital gold loan opportunities and trying some partnerships," Srikrishnan said.

He also said that bank will look at targeting these segments aggressively, mainly through our digital channels.

"Also, we may look at working on co-lending partnerships for lending to startups and microfinance customers," Srikrishnan said.

Also read: Indian Overseas Bank Q1 Results: Net profit grows 27% to Rs 500 crore; asset quality improves

On August 3, the bank’s shares were trading at Rs 211.55 apiece at 3.03 pm on the BSE, 3.62 percent higher than the previous day's close.