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Karnataka Bank Q2 net down 25% at Rs 93 cr

Press Trust of India/New Delhi 13 Oct 17 | 05:00 PM

Private sector lender Karnataka Bank on Friday reported a fall of nearly 25 per cent in net profit at Rs 93.38 crore for the second quarter ended September as bad loans mounted and the provisions to cover those also moved up.

The bank had reported a net profit of Rs 123.82 crore during the corresponding July-September quarter of the previous fiscal.

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As non-performing assets (NPAs) rose, there was a jump of over 73 per cent to Rs 225.98 crore in the provisions and contingencies in the second quarter of the current fiscal from Rs 130.55 crore in the corresponding period of the previous fiscal.

Gross NPAs or bad loans on the books of the bank reached 4.13 per cent of the gross advances by the end of September 2017 against 3.65 per cent in the same period a year ago.

Net NPAs were 3.04 per cent of net advances, up from 2.63 per cent a year earlier.

Total income of the bank in the July-September quarter of this fiscal rose by 4.6 per cent to Rs 1,565.75 crore from Rs 1,496.07 crore a year ago.

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