Karnataka Bank Q3 profit rises 10 pc to Rs 135 crore

PTI, Jan 12, 2021, 5:08 PM IST

New Delhi: Private sector lender Karnataka Bank on Tuesday reported a 10 per cent increase in net profit at Rs 135.38 crore for the December quarter on account of a decline in bad loans.

The Mangalore-headquartered bank had reported a net profit of Rs 123.14 crore in the year-ago period, it said in a regulatory filing.

However, total income of the bank declined to Rs 1,868.62 crore from Rs 1,993.68 crore in the same quarter a year ago.

The gross non-performing assets (NPAs) of the bank eased to 3.16 per cent of assets from 4.99 per cent in the year-ago period.

Similarly, net NPA ratio declined to 1.74 per cent from 3.75 per cent during September-December period of previous fiscal.

Provisions (other than tax) and contingencies fell to Rs 214.18 crore from Rs 314.70 crore in the third quarter of the previous fiscal.