Karnataka Bank's Q1 net profit surges 22% to Rs 163 crore; net NPAs stand at 2.92%, down from 3.20%

New Delhi: Private sector lender Karnataka Bank on Thursday posted a 21.9 percent rise in net profit to Rs 163.24 crore for the first quarter this fiscal.

The bank had reported a net profit of Rs 133.85 crore in the April-June quarter of 2017-18.

The total income of the bank increased to Rs 1,616.44 crore as against Rs 1,547.93 crore a year ago, it said in a regulatory filing.

Representational image. Reuters

Representational image. Reuters

In terms of asset quality, gross non-performing assets (NPAs) or bad loans rose to 4.72 percent of gross loans as on 30 June, 2018 from 4.34 percent in the year-ago period.

As a result, provisions other than tax and contingencies increased to Rs 222.06 crore for the June quarter of 2018-19 from Rs 198.88 crore.

However, net NPAs stood at 2.92 percent, down from 3.20 percent.

RBI last month granted banks, the option to spread provisioning for their mark to market (MTM) losses on all investments held in Available for Sale (AFS) and Held to Maturity (HFT) for the quarter ending 30 June, 2018 equally over up to four quarters, commencing with the quarter ending 30 June, 2018, it said.

Accordingly, bank utilising the dispensation, made provisions to the tune of Rs 13.41 crore for the quarter ended 30 June, 2018 and deferred an amount of Rs 40.22 crore, which will be spread equally over the remaining three quarters, it added.

Updated Date: Jul 12, 2018 16:43 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See