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Home STOCKS Karanatak Bank Q1 success: Karnataka Bank Q1 effects: Private lender reviews record...

Karanatak Bank Q1 success: Karnataka Bank Q1 effects: Private lender reviews record quarterly profit

Bengaluru: Private sector lender Karnataka Bank has posted an all time high quarterly profit of Rs 196 crore in April-June quarter, recording a calendar year-on-yr expansion of 12%.
The functioning profit of the bank also elevated from Rs 350 crore to Rs 677 crore, a progress of 93%. The Internet Interest Profits (NII) also shot up by 8.2% year-on-yr to Rs 535 crore. The business enterprise turnover of the bank has touched Rs 1,26,063 crore as on June 30.
Bank’s MD & CEO Mahabaleshwara M S, in a press release, claimed: “This quarter turned out to be a desire quarter on account of all time high quarterly net profit as very well as working profit. It was doable mostly on account of several price reduction steps, robust treasury profit and a respectable growth in interest earnings on account of improved interest spread. It presents huge pleasure that we have correctly sailed as a result of the COVID 19 affected 1st full quarter.”
Gross NPAs declined to 4.64% compared to 4.82% in the sequential former quarter. Web NPAs also declined to 3.01% from 3.08%.
The Capital Adequacy Ratio of the Bank has additional enhanced to 13.07% as compared to 12.70% as on June 30.

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