Karnataka Bank Posts Record 7.99% Rise in Net Profit for June 2024 Quarter

Karnataka Bank reported a record 7.99% rise in net profit to Rs 400.33 crore for the June 2024 quarter, up from Rs 370.70 crore in the same period last year. The bank's business turnover reached Rs 1,75,619 crore, with operating profit at Rs 558.59 crore and net interest income at Rs 903.36 crore.

Karnataka Bank on Wednesday reported a record 7.99 percent rise in net profit, reaching Rs 400.33 crore for the June 2024 quarter, compared to Rs 370.70 crore in the same period last year.

The bank also achieved its highest business turnover of Rs 1,75,619 crore for the April-June period of 2024-25, up from Rs 1,49,971 crore in the corresponding quarter of the previous fiscal.

Its operating profit stood at Rs 558.59 crore and net interest income amounted to Rs 903.36 crore in the last quarter ending June 30, 2024.

Aggregate deposits totalled Rs 1,00,164 crore for the first quarter of 2024-25, an increase from Rs 86,960 crore a year ago.

Additionally, the quality of the bank's book is steadily improving, with Gross NPA declining to 3.54 percent at the end of the first quarter of FY25, down from 3.68 percent in the same period of FY24. Net NPAs stood at 1.66 percent for April-June 2024-25, compared to 1.43 percent in the last fiscal.

''We are happy to report multiple milestones in financial performance, crossing Rs 1.75 lakh crore in business turnover, reaching Rs 1 lakh crore in aggregate deposits, and Rs 75 lakh crore in gross advances,'' said Srikrishnan H, Managing Director & CEO of Karnataka Bank.

(With inputs from agencies.)