CHENNAI: Karnataka Bank reported a net profit of Rs 331 crore in the December quarter (Q3FY24) with a growth rate of 10.11 % on a year-on-year basis, compared to Rs 301 crore during the same period last year.
The bank’s operating profit stood at Rs 540 crore, witnessing a 1.57% growth on a yearly-basis. Its primary source of revenue- net interest income stood at Rs 827 crore in the quarter against Rs 834 in the same period last year. The Mangaluru-based bank’s net interest margin (NIM) went down 35 basis points to 3.46%, compared to 3.81% last year, while advances grew 9.53% to 69,740.97 crore. Net profit for the nine month period ended on December 31 stood at 1,032.04 crore, increasing 34.87% and operating profit stood at Rs 1,663.52 crore, increasing 9.26%, net interest income stood at Rs 2,464.69 crore, increasing 6%.
Gross non-performing assets (GNPA) jumped 3.64% in the December quarter from 3.28 same period last year. Net NPA has gone down to 1.55% from 1.66%. Provision coverage ratio stood at 80.75%.
It has plans to raise nearly Rs 700 crore through issue of equity shares by qualified institutional placement, preferential Issue, rights issue or any other permissible mode of capital issue, it said in a regulatory filing on Tuesday. Bank’s board approved rising equity capital of Rs 1,500 crore last September out of which Rs 800 crore has been raised.