Mangalore-based private sector lender, Karnataka Bank, has posted a 5.4 per cent rise in its net profit to Rs 38.59 crore in the third quarter of current financial year, on back of sound core earnings.
Total inc ome of the bank rose by 13.3 per cent to Rs 668.45 crore in the December quarter, as against Rs 589.81 crore in the same period last year.
Operating profit of the bank rose 61per cent to Rs 112.84 crore in the same period.
Total business of the bank increased to Rs 41,706 crore — a 17.35 per cent rise — compared with the corresponding period last year.
While deposits increased 14 per cent to Rs 25,424 crore, advances of the bank rose 23.04 per cent to Rs 13,233 crore in the first nine months of current financial year.
Meanwhile, gross NPA of the bank decreased to 3.83 per cent from 4.5 per cent during this period, along with net NPA reaching 1.18 per cent from 1.76 per cent an year earlier.