Karnataka Bank net profit zooms 225%

Karnataka Bank’s net profit rose by 224.66 per cent Year on Year (YoY) to Rs 370.7 crore in the quarter ended June 2023 (Q1Fy24) on improvement in net interest Margin (NIM) and non-interest income.

Its net interest income expanded by 18.5 per cent in the reporting quarter to Rs 814.68 crore from Rs 687.56 crore in Q1Fy23. Its NIMs improved by 35 basis points to 3.68 per cent in Q1Fy24 from 3.33 per cent a year ago, the bank said in a statement. Its stock closed 5.9 per cent higher at Rs 215.7 per share on BSE.

The other income more than doubled to Rs 323.84 crore in Q1Fy24 from Rs 132.79 crore in Q1Fy23.

The deposits grew by 7.92 per cent YoY to  Rs 86,959.86 crore and its  advances grew at 5.36 per cent YoY at Rs 61,489.41 crore at the end of June 2023.