New Delhi: Private sector lender Karnataka Bank on Thursday reported a 12 per cent decline in its net profit at Rs 123.14 crore for the third quarter ending December 31, 2019 on account of rise in bad loans.
The Mangalore-headquartered bank had reported a net profit of Rs 140.41 crore in the year-ago period, the bank said in regulatory filing.
However, the total income of the bank rose to Rs 2,023.68 crore from Rs 1,815.79 crore in the same quarter a year ago.
The gross non-performing asset (NPA) of the bank rose to 4.99 per cent of assets from 4.45 per cent in the year-ago period.
Similarly, the net NPA too increased to 3.75 per cent from 3 per cent during September-December 2018.
As a result, provisions (other than tax) and contingencies rose to Rs 314.70 crore from Rs 208.99 crore in the third quarter of the previous fiscal.
Source: Economic Times