Karnataka Bank Ltd Share Price – NSE  /  BSE

Banks, Small Cap

Total income advanced 12.02% to Rs 2,557 crore in the quarter ended 30 June 2024.

The bank's profit before tax (PBT) stood at Rs 518.33 crore in Q1 FY25, registering a growth of 15.28% YoY.

Net interest income (NII) for the quarter was at Rs 903 crore, up 10.9% from Rs 815 crore posted in Q1 FY24. Net interest margin (NIM) reduced to 3.54% in Q1 FY25 as compared with 3.68% reported in the corresponding quarter previous year.

The bank's provisions (other than tax) and contingencies tumbled 73.43% to Rs 40.26 crore in Q1 FY25 as against Rs 151.57 crore in Q1 FY24.

Operating profit was at Rs 558.59 crore in the first quarter of FY25, down 7.08 % from Rs 601.17 crore in Q1 FY24.

As of 31 March 2023, the bank’s business turnover stood at Rs 1,75,619 crore, YoY growth of 17.10%. The aggregate deposits grew 15.2% YoY to Rs 100,164 crore, while gross advances increased 19.7% YoY to Rs 75,455 crore.

On asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 2,668.45 crore as on 30 June 2024 as against Rs 2,315.88 crore as on 30 June 2023. Net NPAs jumped 39.93% to Rs 1,228.25 crore in Q1 FY25 as against with Rs 877.71 crore posted in Q1 FY24.

The ratio of gross NPAs declined to 3.54% as on 30 June 2024 from 3.68% as on 30 June 2023. The ratio of net NPAs increased to 1.66% as on 30 June 2024 as compared to 1.43% as on 30 June 2023.

Provision coverage ratio (PCR) reduced by 125 bps to 77.97% as on 30 June 2024 from 83.47% as on 30 June 2023.

The Capital Adequacy Ratio of the bank improved to 17.64% in Q1 FY25 as compared to 17.00% in Q1 FY24.

Srikrishnan H, managing director (MD) & CEO, Karnataka Bank, said, We are happy to report multiple milestones in financial performance crossing Rs 1.75 Lakh crore in business turnover, reaching Rs 1 Lakh crores in aggregate deposits and Rs 75 lakh crore in gross advances.

This robust performance underscores the positive trends in our continued transformative journey coupled with enhancing our digital & technology platforms, brand repositioning with outbound strategies and centralization of operations creating synergies for our future success. Embracing a cultural shift, we have introduced a diverse range of new products, established new partnerships, strengthened our team, and rationalizing internal processes with a customer-centric approach.”

Sekhar Rao, executive director of the bank, reflecting on the Bank's performance stated, Karnataka Bank has displayed robust financial performance exceeding guidance even amidst market volatility. Our strategic initiatives in key areas such as digital transformation, customer service enhancement and launch of new products have started yielding positive outcomes.

We remain committed to robust risk management practices and regulatory compliance, ensuring stability and growth. During the year we will look at further revitalizing the Brand Bharat ka Karnataka Bank, improve our Digital offerings and presence, strengthening of team in core areas while staying committed to overall health of balance sheet.

Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.

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Karnataka Bank announced that the Annual General Meeting (AGM) of the bank will be held on 10 September 2024.

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Net profit of Karnataka Bank rose 8.01% to Rs 400.43 crore in the quarter ended June 2024 as against Rs 370.73 crore during the previous quarter ended June 2023. Total Operating Income rose 16.30% to Rs 2277.99 crore in the quarter ended June 2024 as against Rs 1958.74 crore during the previous quarter ended June 2023.

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Karnataka Bank will hold a meeting of the Board of Directors of the Company on 24 July 2024.

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