Karnataka Bank Q3 net profit up 28 per cent at Rs 87 crore

NEW DELHI: 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 private sector lender's net profit in the corresponding quarter of 2016-17 stood at Rs 68.52 crore.

Total income increased to Rs 1,526.86 crore for the quarter from Rs 1,457.52 crore in the same period a year ago, the bank said in a regulatory filing.

The private sector bank's asset quality improved with the gross non-performing assets (NPAs) declining to 3.97 per cent of gross advances as on December 31, 2017 against 4.3 per cent a year ago.

Net NPAs were 2.85 per cent of net loans against 2.99 per cent last fiscal.

However, provision and contingencies of the bank rose to Rs 196.40 crore in the December quarter compared to Rs 100.60 crore in the same period a year earlier.