Karnataka Bank's Annual net profit at an all time high of Rs 48,257 crores

by Psu Connect
Date: 26-05-21

Karnataka Bank has posted an all time high annual net profit of Rs 482.57 crores for the FY 2020-21 as against the last year's Rs. 431.78 crores

Karnataka Bank

New Delhi: Karnataka Bank has posted an all-time high annual net profit of Rs 482.57 crores for the FY 2020-21 as against the last year's Rs. 431.78 crores, thus registering a YoY growth of 11.76%. The net profit for the fourth quarter ended March 2021 is Rs. 31.36 crores as against the net profit of Rs 27.31 crores for the corresponding fourth quarter of 2019-20 and the YoY growth was 14.83%

In the Meeting of the Board of Directors held today here in Mangaluru, the Board has approved the Audited Annual financial results for the period ended March 31, 2021, and has also recommended a dividend of 18% to be approved in the ensuing 97th Annual General Meeting.

The business turnover of the Bank was at Rs. 1,27,348.56 crore as on 31-03-2021. The deposits of the Bank stood at Rs. 75,654.86 crores and advances at Rs. 51,693.70 crores. The CASA deposits grew by 14.80% and reached an all time high of 31.49% of total deposits as on 31-03-2021, as against 28.91% as on 31.03.2020.

The operating profit grew by 20.67% to Rs. 1,999.14 crore and the PCR (Provision Coverage Ratio) improved to 70.05 % from 64.70% as on 31-03-2020.

The CRAR (Capital to Risk Weighted Assets Ratio) of the Bank under Basel ill has significantly improved to 14.85 % against 10.875% minimum stipulated by RBI. As on 31-03-2020 CRAR was at 12.88%.