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Karnataka Bank reports record quarterly profit

Mangaluru headquartered private sector Karnataka Bank posted an all-time high quarterly net profit of Rs 175 crore in the April-June quarter, registering 7.5 per cent growth year-on-year.

The business turnover of the bank touched Rs 1,21,340 crore as on June 30, recording 10 per cent growth on a year-on-year basis. Gross NPAs declined to 4.55 per cent compared to 4.72 per cent reported in the corresponding quarter of the previous year as of June 30, according to a press release from the bank.

Bank MD Mahabaleshwara MS said: “I am confident of keeping the momentum going as the bank has registered all round growth in almost all spheres of banking.” The performance, he added assumed significance as it had been delivered in a not so favorable economic condition.”

Source: Economic Times