Karnataka Bank reported a fall of 29.3 percent in net profit at Rs 68.52 crore for the third quarter ended December 31, 2016, as higher allocation to cover bad loans eroded benefits.
Bank's net profit in corresponding October-December quarter of 2015-16 stood at Rs 96.91 crore. "Total income has increased to Rs 1,457.52 crore for the quarter ended December 31, 2016, from Rs 1,369.83 crore in the same period year ago," the bank said in a regulatory filing. There was an increase of 7 percent core interest income at Rs 1,323.93 crore from Rs 1,237.11 crore a year earlier. The private sector bank's asset quality deteriorated further with the gross non-performing assets (NPAs) rising to 4.3 percent of gross advances as on December 31, 2016, against 3.56 percent a year ago.
Net NPAs were 2.99 percent of net loans disbursed at the end of December 2016 against 2.41 percent last fiscal. In absolute terms, gross NPAs increased to Rs 1,560.23 crore from Rs 1,186.55 crore, while net NPAs were of the order of Rs 1,065.66 crore as against Rs 790.63 crore a year ago.
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