Karnataka Bank Q4 Results:
Karnataka Bank, headquartered in Mangaluru, reported a 22.5% year-on-year decline in net profit for the fourth quarter ending March 31, 2024, with profit falling to ₹272.2 crore from ₹353.8 crore in the same quarter last year, according to a regulatory filing on Friday, May 24. Net interest income (NII), the difference between interest earned from lending activities and interest paid to depositors, decreased by 3% to ₹834.1 crore from ₹860 crore in the corresponding quarter of FY23.
The bank’s gross non-performing assets (NPAs) stood at 3.53% in the March quarter, down from 3.64% in the December quarter. Net NPAs were slightly up at 1.58%, compared to 1.55% quarter-on-quarter. Total income for the quarter increased to ₹2,620 crore, up from ₹2,365 crore in the same period last year. The bank incurred a one-time staff cost of ₹152 crore in the fourth quarter due to enhanced actuarial provisions from wage settlement.
The Capital Adequacy Ratio (CRAR) improved to 18% from 17.45% on March 31, 2023.
The board has recommended a dividend of ₹5.50 per equity share (55%) for the financial year ending March 31, 2024, pending shareholder approval at the upcoming annual general meeting. The record date for determining shareholder eligibility for the dividend will be announced in due course.
