New Delhi, Karnataka Bank on Friday reported a 23 per cent decline in net profit to Rs 274 crore for the fourth quarter ended March 2024 due to a one-time increase in employee costs.
The private sector bank had posted a net profit of Rs 354 crore in the same quarter a year ago.
Karnataka Bank said in a regulatory filing that total income rose to Rs 2,620 crore during the quarter under review from Rs 2,365 crore in the same period last year.
However, net interest income declined to Rs 834 crore during the period under review from Rs 860 crore in the same quarter a year ago.
I said, the bank incurred a one-time staff expense of Rs 152 crore in the fourth quarter related to increased actuarial provisions arising from salary settlements.
On the asset quality side, the bank's gross non-performing assets (NPAs) declined from 3.74 per cent at the end of March 2023 to 3.53 per cent of gross advances as of March 31, 2024.
Net NPA also declined from 1.70 per cent to 1.58 per cent of advances by the end of 2023.
As a result, provisions and contingencies declined to Rs 185 crore compared to Rs 253 crore set during the same quarter a year ago.
Capital Adequacy Ratio (CRAR) increased from 17.45 per cent to 18 per cent as on March 31, 2023.
The private sector bank had posted a net profit of Rs 354 crore in the same quarter a year ago.
Karnataka Bank said in a regulatory filing that total income rose to Rs 2,620 crore during the quarter under review from Rs 2,365 crore in the same period last year.
However, net interest income declined to Rs 834 crore during the period under review from Rs 860 crore in the same quarter a year ago.
I said, the bank incurred a one-time staff expense of Rs 152 crore in the fourth quarter related to increased actuarial provisions arising from salary settlements.
On the asset quality side, the bank's gross non-performing assets (NPAs) declined from 3.74 per cent at the end of March 2023 to 3.53 per cent of gross advances as of March 31, 2024.
Net NPA also declined from 1.70 per cent to 1.58 per cent of advances by the end of 2023.
As a result, provisions and contingencies declined to Rs 185 crore compared to Rs 253 crore set during the same quarter a year ago.
Capital Adequacy Ratio (CRAR) increased from 17.45 per cent to 18 per cent as on March 31, 2023.
