Karnataka Bank Q3 net profit up 27.4%

Karnataka Bank Q3 net profit up 27.4%

Karnataka Bank today reported a 27.5 per cent rise in net profit at Rs 87.38 crore for the third quarter ended December 2017 even though provision for bad loans increased.

The bank posted net profit of Rs 936.25 crore, higher by 24.72% from Rs 750.64 crore in the corresponding period of previous year. According to eight Bloomberg analysts' estimates, the bank was expected to post a profit of Rs945 crore.

Meanwhile, the bank's net interest income (NII) came in at Rs 1,894.81 crore, witnessing growth of 20.04% year-on-year (YoY) and 4.05% quarter-on-quarter (QoQ) basis.

"The bank has continued to show a steadfast performance again in this quarter".


The gross non-performing assets (NPAs) of IndusInd Bank increased to 1.16 per cent of the total advances during the third quarter of the current fiscal, against 0.94 per cent at the end of third quarter of 2016-17. The bank's capital adequacy remained strong for Q3FY18 at 15.83 per cent compared to 15.31 in the previous year's corresponding quarter. Other income was at Rs1,186.76 crore, up 16.72% from Rs1,016.80 crore a year ago. On qoq basis NII edged up by 4 per cent due to 2 per cent qoq increase in interest income.

Sobti added, "We have maintained a stable quality loan book".

At 3.03pm, Indusind Bank shares were trading at Rs1702.75 on BSE, down 1.84% from its previous close while India's benchmark Sensex Index gained 0.13% to 34,477.79 points. IndusInd bank's provisions and contingencies rose to Rs 236.16 crore in the third quarter compared with Rs 216.85 crore in the same period a year ago.

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