Mangalore Today News Network
Mangaluru, July 12, 2019: Karnataka Bank posted an all time high quarterly Net Profit of Rs 175.42 crores, during Q1 of FY 2019-20 as against the previous high of Rs 163.24 crores recorded during Q1 of FY 2018-19. Thus the net profit grew by 7.46 % Y-O-Y.
In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the financial results for the quarter ended June 30, 2019.
Mahabaleshwara M.S., Managing Director & CEO of Karnataka Bank
The business turnover of the Bank has touched Rs 1,21,339.52 crore as on 30-06-2019, registering 9.85% growth on year-on-year basis. The deposits of the Bank grew from Rs 62,725 crore to Rs 68,520.72 crore with a y-o-y growth rate of 9.24%. Advances grew from Rs 47,731 crore Rs 52,818.80 crore with a y-o-y growth rate of 10.66%. The CD ratio has improved to 77.08% from 76.10%, as on 30-06-2019.
Gross NPAs declined to 4.55% compared to 4.72% reported in the corresponding quarter of the previous year i.e as of 30-06-2018.
Expressing his satisfaction on the Q1 result of the Bank, Mahabaleshwara M. S., Managing Director & CEO of the Bank, said “I am happy that we could kick start the new financial year with a record profit in the very first quarter and I am confident of keeping the momentum going as Bank has registered all round growth in almost all spheres of Banking. The performance attains significance, as the same is delivered in a not so favorable economic condition. The forward looking transformational change in the areas of new business delivery models, processes, Human Resources etc, have started yielding results and going forward we are committed to consolidate our position and emerge still stronger by creating new benchmarks of performance”.