Karnataka Bank Q4 results: Net profit up 171.5%, dividend Rs 5 per share

Karnataka Bank | Photo: Wikimedia Commons

Bank of Karnataka, the private sector lender in Mangalore, reported a net profit of Rs. 353.53 crore for the fourth quarter of FY2022-23 (Q4FY23), up 171.53 per cent from Rs. 130.20 crore for the corresponding period in the financial year 2021-22.

The consolidated annual net profit of the bank was Rs. 1,179.68 crore for the financial year 2022-23, a significant increase over the previous year. 507.99 crore. This is despite a sharp increase in provisions, the bank said in a press release, as total NPA jumped sequentially.

According to the bank, as of March 31, 2023, the business had a turnover of Rs. 147,319.53 crore, which is an annual growth of 7.40 percent. Deposits increased by 8.68 per cent year on year to Rs. 87,367.91 crore, while advances increased 5.58% YoY to Rs. 59,951.62 crore.

Net Interest Income (NII), which is the difference between interest earned and expenses, reached Rs.860.05 crore in Q4FY23, while 27.15 per cent more than NII of Rs.656.49 crore in Q4FY22.

In the quarter under review, provisions and contingencies were at Rs.253.26 crore, up by 164.06% from the Rs.95.91 crore in Q4FY22 and also by 53.61% from the provision of Rs.164.87 crore seen in the December 2022 quarter.

In a meeting held on Friday, the Bank’s Board of Directors recommended a dividend of Rs 5 per share (50 per cent) of the net profit for the year ending 31st March 2023 subject to the approval of the shareholders at the annual general meeting. The history and payment history of the dividend will be announced in due course.

Sekhar Rao, Managing Director and (Interim) Chief Executive Officer (Interim) of Bank of Karnataka, said in the release: “As we proudly mark a century of unshakable confidence, our performance for FY23 is demonstrated by strong turnover and significant gross numbers, supported by consistent improvements in overall asset quality. “.

First published: May 28, 2023 | 3:27 PM ist