Q2FY23 Quarterly Result Announced for Karnataka Bank Ltd.
Karnataka Bank announced Q2FY23 results: The Net Profit of Rs 411.47 crore, for Q2FY23, and the net profit grew by 228% compared to Q2FY22 net profit of Rs 125.45 crore. The H1FY23, the net profit stood at Rs 525.52 crore, which is also an all-time high against Rs 231.36 crore in H1FY22. The Q2FY23, the Net Interest Income also increased by 26.00 % to Rs 802.73 crore from Rs 637.10 crore. The NPAs have also further moderated as the GNPAs reduced to 3.36 % against 4.03% as of Q1FY23 while NNPAs also reduced to 1.72 % against 2.16% as of Q1FY23. About a year back, i.e. as of Q2FY22, the GNPA was at 4.52 %, and NNPA was at 2.85 % The business turnover of the Bank has touched a new high of Rs 1,41,505.87 crore as of Q2FY23. YoY, the deposits of the Bank grew from Rs 76,921.53 crore to Rs 81,633.40 crore, and advances grew from Rs 54,341.57 crore to Rs 59,872.47crore. The CD ratio of the Bank stood at 73.34%. The Bank's Capital Adequacy Ratio stood at 15.28 % compared to 14.48 % as of Q2FY22 The Net Interest Margin has improved to 3.56 % from 3.15% as of Q2FY22. Shri Mahabaleshwara M.S., Managing Director & CEO of the Bank, said, "Our all-time high Q2FY23 result represents the tipping point of the Bank’s reinvigorated trajectory. Our disciplined execution and aggressive digitalisation, combined with our commitment to superior customer experience, is fortifying Karnataka Bank’s reputation for delivering sustained profitable growth. The milestone of reaching Rs 411.47 crore of net profit earned during the quarter is the highest-ever quarterly profit earned by the Bank. Similarly, Rs 525.52 crores of half-yearly net profit is also a new high. In just six months of the current year, we have already surpassed the last year's total annual net profit of Rs 507.99 crores. The significant jump in net profit is mainly because of improved earnings, improved asset quality, healthy growth of advances, cost containment, and efficiency enhancement, among others. It is also noteworthy that our core fundamentals across all key performance parameters, such as NIM, PCR, ROI, ROA, and CASA Ratio, among others, have improved materially, signifying the arrival of a ‘New KBL’ as envisaged in our Transformation Journey 'KBL-VIKAAS'. I am sure that as we cross our 100th year next year, the Bank will continue to create new benchmarks of performance with its ever-growing customer base, user-friendly digital products and committed employees". Result PDF02-11-2022