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Q4 earnings: Karnataka Bank Q4 internet falls 56% to Rs 27 cr on bigger provisioning

NEW DELHI: Karnataka Bank has claimed a 56 for each cent decrease in net profit for the March quarter at Rs 27.31 crore due to bigger provisions.
The personal sector lender experienced posted a net profit of Rs 61.73 crore in the exact period of time of the preceding fiscal ended March 2019, it reported in a regulatory filing.
Sequentially, net profit in the 3 months to March declined substantially from Rs 123.14 crore in the 3rd quarter of FY20.
The bank’s provisions and contingencies for the quarter ended up elevated to Rs 356.50 crore as versus Rs 217.73 crore in the corresponding quarter of 2018-19.
Earnings for the duration of the January-March time period of FY20 grew by 18 for every cent to Rs 2,079.58 crore from Rs 1,821.88 crore in the exact period of time a year ago, it mentioned.
For the complete calendar year 2019-20, Karnataka Bank posted a 9.5 for each cent slide in net profit at Rs 431.78 crore from Rs 477. 24 crore in FY19.
Earnings in the course of the calendar year rose to Rs 7,870.82 crore from Rs 6,907.92 crore.
On the assets entrance, the poor financial loan proportion noticed an boost, with gross non-accomplishing assets (NPAs) rising to 4.82 for every cent of the gross improvements as on March 31, 2020 from 4.41 for every cent in the calendar year-back period.
Net NPAs have been also greater at 3.08 for each cent from 2.95 for every cent previously.
Karnataka Bank claimed in accordance with RBI guidelines on the COVID-19 pandemic, it has not proposed any dividend for the year 2019-20. Dividend payout in the earlier calendar year stood at 35 per cent (Rs 3.50 per equity share).
The provision coverage ratio as on March 31, 2020 stood at 64.70 for every cent as from 58.45 per cent in the former calendar year.
Even more, in the course of the March quarter it recognised exposure in respect of 11 entities with exceptional balance of Rs 252.49 crore as fraud and furnished for the accounts, in accordance with the RBI norms.
On the lockdown impact, the bank reported it has satisfactory capital and adequate liquidity to support its business expansion which has moderated owing to the Covid-19 pandemic.

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