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Karnataka Bank reports all time high profits

Mangaluru-headquartered private sector lender has posted an all-time high annual consolidated net profit of Rs 508 crore for the year 2021-22 as against the last year’s Rs 482 crore.

The bank posted a net profit of Rs 130.20 crore for the fourth quarter ended March 2022 which is a four-fold increase compared to the net profit posted for the same period last year.

At the board meeting on Friday, the bank decided to recommend a dividend of 40%. The bank reached a business turnover of Rs 1.37 lakh crore as at March end.

Bank’s MD & CEO Mahabaleshwara MS said they are happy the bank has recorded an all time high net profit of Rs 507.99 crore, CRAR of 15.66% and PCR of 73.47%. “The CASA has also reached a new high of 32.97% resulting in further reduction in cost of lending resources. The asset quality has further improved as could be seen from the lower GNPA and NNPAs. The consistent and sustainable performance is very much evident and I am confident that going forward Bank is all set for a new high.”

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