Karnataka Bank’s 4th quarter Net profit down 56% to Rs 27 crore

Private sector Karnataka Bank’s net income declined 56 percent to Rs 27.31 crore in Q4 of FY2019-20. The bank made a net income of Rs 61.73 crore within the same quarter of the previous fiscal year.

In a communication sent to the stock exchanges, the bank said that its net income within the third quarter of the last fiscal year was Rs 123.14 crore. the supply of the bank and other contingency expenses rose to Rs 356.50 crore during the quarter, from Rs 217.73 crore within the same quarter of the previous fiscal.

The bank’s income grew 18 percent to Rs 2,079.58 crore during the quarter, from Rs 1,821.88 crore within the same quarter of the previous fiscal.

The net profit of Karnataka Bank declined 9.5 percent to Rs 431.78 crore for the whole fiscal year 2019-20, from Rs 477.24 crore within the previous fiscal year 2018-19. The income of the bank increased to Rs 7,870.82 crore during the fiscal year, from Rs 6,907.92 crore within the previous fiscal year .

On the property front, the gross non-performing assets (NPAs) of the bank increased to 4.82 percent of total loans as on March 31, 2020. It was 4.41 percent a year ago. Similarly, the bank’s net NPA increased to 3.08 percent from 2.95.

Karnataka Bank’s 4th quarter

New Delhi. depository financial institution of India (SBI) reported a four-fold increase in its net income within the January-March quarter of FY 2019-20, to Rs 3,581 crore.

In the fourth quarter net income, it has registered a net income of 328 percent as compared to Rs 838 crore for an equivalent period of FY 2018-19.

This increase in net income of state slender SBI was thanks to a lump-sum of Rs 2,731 crore from the sale of a stake within the bank’s MasterCard unit, SBI Cards.

The bank said during a regulatory filing that net NPAs were 2.23 percent, down 78 basis points year-on-year and 42 basis points lower quarterly. The general NPA was 6.15 percent, down 138 basis points year-on-year and 79 basis points lower quarterly.

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