Karnataka bank posts Rs 135.57 crore profit for Q3

The city-based private sectorKarnataka bank has posted anet profitof Rs 135.37 croreforthethirdquarterof current financial year withagrowthrateof 9.93 percent asagainst Rs 123.14 croresnetprofit earned during the corresponding quarter of the previousyear.

The bank posted a net profit of Rs 451.10 crore for theninemonths period ended December 2020,as against Rs 404.47croreforthe corresponding periodlast year with year-on-yeargrowth rate of 11.53 percent, a bank release here said.

At a meeting of the board of directors here throughvideo-conferencing, the board approved the financial resultsfor the quarter and the nine-month period ended December 31,2020.

TheoperatingprofitduringQ3of the current financialyearstood at Rs 437.96 crore.

Further, for the nine-month periodof the currentfinancialyear, theoperating profit stood at Rs 1,615.34crore as against Rs 1,265.23 crore for the correspondingperiod of the previous year and registered a y-o-y growth of27.67 percent.

The bank hasclockeda business turnover of Rs1,27,013.55 crore ason 31-12-2020, with depositsofRs 73,826.06 crore and advances of Rs 53,187.49 crore.

Retailand mid-corporate advances have shown a y-o-ygrowth of 9.75 percent.

Announcingtheresults at the banks headquarters here,managing director and CEO M S Mahabaleshwara said the strongnumbers of Q3depict the resilienceofthe bank in spite ofthe Covid-19 pandemic.