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Karnataka bank posts Rs 135.57 crore profit for Q3

Karnataka bank posts Rs 135.57 crore profit for Q3
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Mangaluru: The city-based private sector Karnataka bank has posted anet profitof Rs 135.37 crore forthethirdquarterof current financial year witha growthrateof 9.93 percent asagainst Rs 123.14 croresnet profit earned during the corresponding quarter of the previous year. The bank posted a net profit of Rs 451.10 crore for the ninemonths period ended December 2020,as against Rs 404.47 croreforthe 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 through video-conferencing, the board approved the financial results for the quarter and the nine-month period ended December 31, 2020.

TheoperatingprofitduringQ3of the current financial yearstood at Rs 437.96 crore. Further, for the nine-month periodof the current financialyear, theoperating profit stood at Rs 1,615.34 crore as against Rs 1,265.23 crore for the corresponding period of the previous year and registered a y-o-y growth of 27.67 percent. The bank hasclockeda business turnover of Rs 1,27,013.55 crore ason 31-12-2020, with depositsof Rs 73,826.06 crore and advances of Rs 53,187.49 crore. Retailand mid-corporate advances have shown a y-o-y growth of 9.75 percent. Announcingtheresults at the banks headquarters here, managing director and CEO M S Mahabaleshwara said the strong numbers of Q3depict the resilienceofthe bank in spite of the Covid-19 pandemic. PTI

Updated : 13 Jan 2021 9:40 AM GMT
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