Karnataka Bank posts ₹336.07 crore net profit in Q2

The Karnataka Bank on Wednesday announced posting ₹336.07 crore net profit for the second quarter ending September 2024 as against ₹330.26 crore net profit posted in Q2 of 2023-24.

In the meeting of the board of directors in Mangaluru, the board approved the financial results for the quarter and the half year ending September 30, 2024, a release said. The half yearly net profit stood at ₹736.40 crore with an improvement by 5.06% compared to September 2023 half year when the net profit was ₹700.96 crore.

For the half year ending September 2024, the net interest income has increased by 6.10% to ₹1,736.92 crore from ₹1,637.09 crore. The NPAs have further moderated as the GNPAs reduced to 3.21% against 3.54% as of June 30, 2024, while NNPAs also reduced to 1.46% against 1.66%.

The aggregate business of the bank stood at ₹1,75,284.08 crore for Q2FY25 compared to ₹1,56,467.71 crore in Q2FY24 registering a Y-o-Y growth of 12.03%. The aggregate deposits of the bank stood at ₹99,967.99 crore in Q2FY25 from ₹89,531.73 crore as of Q2FY24 with an increase of 11.66%.

The bank’s Gross Advances stood at ₹75,316.09 crore in Q2FY25 when compared to ₹66,935.98 crore as of Q2FY24 with an increase of 12.52%. The bank’s Retail Advances grew by 12.20% in Q2FY25 in comparison to Q2FY24. The CD ratio (Gross) of the bank stood at 75.34%.

Bank MD and CEO H. Srikrshnan said: “Karnataka Bank has demonstrated stable financial performance in Q2FY25 with improvement in book quality and growth in retail segment that will be the focus going forward. Within the prevailing market conditions, the bank has defined the growth trajectory for the rest of the year, and we are confident of achieving our goals.“

Published - October 23, 2024 08:28 pm IST