Karnataka Bank registered a net profit of ₹353.53 crore in the fourth quarter of 2022-23 as against a net profit of ₹130.20 crore in the corresponding period of the previous fiscal, recording a growth of 171.53 per cent.
The bank registered a net profit of ₹1,179.68 crore for 2022-23 against ₹507.99 crore in 2021-22, recording a growth of 132.22 per cent.
The board of directors, which met on Friday, approved the audited annual financial results for the period ended March 31. It also recommended a dividend of ₹5 per equity share (that is 50 per cent) out of the net profits for the year ended March 31, subject to the approval of the shareholders at the Annual General Meeting of the bank.
During the fourth quarter of 2022-23, the net interest income of the bank stood at ₹860.07 crore (₹656.50 crore in Q4 of 2021-22), and other income stood at ₹395.23 crore (₹256.98 crore). The net interest margin of the bank stood at 3.87 per cent (3.25 per cent).
The bank’s provision coverage ratio (PCR) increased to 80.76 per cent in 2022-23 from 73.47 per cent in 2021-22. The capital-to-risk-weighted assets ratio (CRAR) under Basel III reached 17.45 per cent, up from 15.66 per cent last year.
The bank’s gross NPA (non-performing assets) reduced to 3.74 per cent during Q4 of 2022-23 from 3.90 per cent about a year back. The net NPA of the bank stood at 1.70 per cent during the fourth quarter of 2022-23 against 2.42 per cent in the corresponding period of the previous fiscal.
The bank’s business turnover stood at ₹1,47,319.53 crore during 2022-23, with a year-on-year growth of 7.40 per cent. Deposits grew 8.68 per cent year-on-year to ₹87,367.91 crore, while advances increased 5.58 per cent year-on-year to ₹59,951.62 crore. CASA (current account savings account) deposits accounted for 32.97 per cent of total deposits.
Quoting Sekhar Rao, Managing Director and Chief Executive Officer (interim) of Karnataka Bank, a media statement said: “As we proudly mark a century of unwavering trust, our performance for FY23 is demonstrated through robust turnover and milestone bottomline numbers, underpinned by consistent enhancements in overall asset quality.”