Karnataka Bank, a Manglore-based private sector lender, registers a net profit of Rs 353.53 cr in Q4 of 2022-23 on a YoY basis. Despite a significant increase in provisions, gross NPA increased consecutively.
The lender’s PAT increased by 171.38 per cent in Q4FY23 compared to a profit of 130.35 crore in Q4FY22. The sequential growth rate was 17.65 per cent.
Net interest income (NII) of the bank stood at 860.05 crore in Q4FY23, a 27.15 per cent increase from NII of 656.49 crore in Q4FY22. However, the latest NII increased by 3.03 per cent from $834.76 crore in Q3FY23.
Provisions and contingencies rose at 253.26 crore in the quarter under review, up 164.06 per cent from 95.91 crore in Q4FY22 and up 53.61 per cent from 164.87 crore in the December 2022 quarter.
In terms of asset quality, gross NPA in Q4FY23 was 3.74 per cent, down from 3.90 per cent in Q4FY22 but up from 3.28 per cent in Q3FY23. Similarly, net NPA was 1.70 per cent in Q4FY23, compared to 2.42 per cent in Q4FY22 and 1.66 per cent in Q3FY23.
The bank’s board of directors suggested a dividend of Rs 5 per share (50 per cent) from net profits for the fiscal year ended March 31, 2023, subject to shareholder approval at the annual general meeting. The dividend record and payment dates will be released in due course.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
