Private sector lender Karnataka Bank on Tuesday reported a 10 per cent increase in net profit at Rs 135.38 crore for the December quarter on account of a decline in bad loans.
The Mangalore-headquartered bank had reported a net profit of Rs 123.14 crore in the year-ago period, it said in a regulatory filing.
However, total income of the bank declined to Rs 1,868.62 crore from Rs 1,993.68 crore in the same quarter a year ago.
The gross non-performing assets (NPAs) of the bank eased to 3.16 per cent of assets from 4.99 per cent in the year-ago period.
Similarly, net NPA ratio declined to 1.74 per cent from 3.75 per cent during September-December period of previous fiscal.
Provisions (other than tax) and contingencies fell to Rs 214.18 crore from Rs 314.70 crore in the third quarter of the previous fiscal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.