MANGALORE:
The city-headquartered Karnataka Bank has posted an all-time high annual net profit of Rs 482.57 crore for the financial year 2020-21 as against Rs 431.78 crore last year, registering a growth of 11.76 per cent.
The net profit for the fourth quarter ended March 2021 is Rs 31.36 crore as against the net profit of Rs 27.31 crore for the corresponding fourth quarter of 2019-20 and the year on year growth was 14.83 per cent.
At a meeting of the director board held here Wednesday, the Board has approved the audited annual financial results for the period ended March 31, 2021 was approved.
The board has also recommended a dividend of 18 per cent, to be approved in the ensuing 97th annual general meeting, a bank release here said.
The business turnover of the bank stood at Rs 1,27,348.56 crore as on March 31, 2021.
The deposits of the bank stood at Rs 75,654.86 crore and advances at Rs 51,693.70 crore.
The CASA deposits grew by 14.80 per cent and reached an all-time high of 31.49 per cent of total deposits as on March 31, as against 28.91 per cent in March last year.
The operating profit grew by 20.67 per cent to Rs 1,999.14 crore and the provision coverage ratio (PCR) improved to 70.05 percent from 64.70 per cent last year.
The non-performing assets (NPA) have also moderated.
The gross NPA stood at Rs 2,588.41 crore constituting 4.91 per cent as against Rs 2,799.93 crore constituting 4.82 per cent as in March last year.
Similarly, the net non-performing assets (NNPA) moderated to Rs 1,642.10 crore constituting 3.18 per cent from Rs 1,755.01 crore as at March end last year.
The priority sector advances of the bank stood at 46.58 per cent of total advances as against the minimum stipulated target of 40 per cent.
Expressing his happiness over the performance, bank managing director and CEO M S Mahabaleshwara said this turned out to be the best result under the unprecedented tough conditions triggered by the Covid-19 pandemic. PTI
