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Karnataka Bank Q3 profit slips 12 pc to Rs 123 cr


Karnataka Bank Q3 profit slips 12 pc to Rs 123 cr

Private sector lender Karnataka Bank on Thursday reported a 12 per cent decline in its net profit at Rs 123.14 crore for the third quarter ending December 31, 2019 on account of rise in bad loans. The Mangalore-headquartered bank had reported a net profit of Rs 140.41 crore in the year-ago period, the bank said in regulatory filing.

However, the total income of the bank rose to Rs 2,023.68 crore from Rs 1,815.79 crore in the same quarter a year ago. The gross non-performing asset (NPA) of the bank rose to 4.99 per cent of assets from 4.45 per cent in the year-ago period.

Similarly, the net NPA too increased to 3.75 per cent from 3 per cent during September-December 2018. As a result, provisions (other than tax) and contingencies rose to Rs 314.70 crore from Rs 208.99 crore in the third quarter of the previous fiscal.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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