Karnataka Bank Q1 profit falls 27% on lower income, higher provisions
Karnataka Bank
reported a 27% fall in net profit at Rs 292.4 crore in the first quarter of the fiscal as compared with Rs 400.33 crore in the year-ago period, owing to a fall in net interest income and
higher provisions
.
Provisions and contingencies were more than double at Rs 111 crore against Rs 40 crore in the corresponding quarter last year.
Finance
Value and Valuation Masterclass - Batch 4
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals Batch 2
By Ansh Mehra
View Program
Finance
Value and Valuation Masterclass - Batch 3
By CA Himanshu Jain
View Program
Artificial Intelligence
AI For Business Professionals
By Vaibhav Sisinity
View Program
Finance
Value and Valuation Masterclass - Batch 2
By CA Himanshu Jain
View Program
Finance
Value and Valuation Masterclass Batch-1
By CA Himanshu Jain
View Program
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
The Top 25 Most Beautiful Women In The World
Articles Vally
Undo
The bank's net interest income for the quarter stood at Rs 756 crore, down 16% from the year ago period's Rs 903 crore. The 28% rise in other income at Rs 358 crore against Rs 279 crore could not offset the fall in core income.
Consequently, operating profit stood lower at Rs 467 crore against Rs 559 crore.
The bank, now under interim managing director Raghavendra Srinivas Bhat after the abrupt exit of Srikrishnan Hari Hara Sarma, saw its gross advances portfolio contracting 1.6% year-on-year to Rs 74267 crore at the end of June.
Live Events
The book quality improved with gross non-performing assets ratio falling to 3.46% from 3.54% a year back. Net NPAs stood at 1.44% against 1.66%.
Its deposits grew 3.2% over the same period to Rs 1.03 lakh crore.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
Telangana sees sharp rise in number of high-income taxpayers in last five years
1 2 3 4 Hyderabad: Be it the pandemic or layoffs across industries, nothing seems to have slowed the growth of employees in Telangana, as the number of individuals earning over Rs 25 lakh per annum increased by over 140% in the last five years, records show. While the total number of ITRs declaring a total income between Rs 25 lakh and Rs 50 lakh stood at 25,216 during the assessment year (AY) 2020-21, the figure shot up to 60,830 in AY 2024-25. In fact, the state saw a steady increase in the last five years when it comes to people earning over Rs 25 lakh per annum (LPA). "For me, the pandemic came as a boon. From hardly Rs 10 LPA, my package increased to over Rs 25 lakh as I switched jobs four times in five years," said Sai K, a software professional. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad Giving a peek into the trend, Jitender Reddy, a senior service delivery manager at an IT firm, said that people earning between Rs 2 lakh and Rs 5 lakh and Rs 5 lakh and Rs 8 lakh benefited the most. "This comes as no surprise as many IT employees switched companies during the pandemic with at least a 30% hike. With year-on-year hikes afterwards, their package would easily cross the Rs 25 lakh mark," he added. A few pointed out that there are quite a few who moonlighted during Covid-19 as they were working remotely and added that they are continuing to file inflated returns to ensure that there is no mismatch in their income in the last few years. Along with IT professionals, people from other sectors such as pharma also received good hikes in the last few years. An increase in risk appetite post-pandemic, awareness about investment opportunities, and an increase in real estate prices, among others, are also attributed as other factors that contributed to the increase in the income of individuals. "Definitely, real estate would be a factor that contributed to the increase in income. Also, many are starting their own businesses as they are willing to take risks and are running successful businesses. This could be because of an increase in risk appetite and also an increase in the number of districts," said K Laxminarayana, an economics professor, adding that those in the health and education sectors have also started earning good money in the last few years. As per the data tabled in Lok Sabha, the increase was about 100% in the same category as the ITR filers in the said bracket increased from 4,03,363 in 2020 to 8,42,147 in 2025 across the country. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
17 minutes ago
- Time of India
Private firm hires 1,700, govt hopes striking staff will join
Chennai: Even as about 1,500 sanitary workers abstained from work protesting waste management privatisation, the Greater Chennai Corporation's private contractor for Royapuram and Thiru Vi Ka Nagar zones directly recruited 1,700 workers to restart work. Out of the 3,800 slots, GCC has now reserved 2,000 slots for the protesting workers, and only 300 of them have rejoined, with the rest continuing to abstain from work. Still, 1,800 slots are vacant. The govt has informally instructed the contractor not to hire more people but to wait for the protestors to come back. However, the contractor—Chennai Enviro—told TOI that they are only paid based on manpower deployment as one of their key performance indicators. "If they don't join, we will have to fill vacancies soon," said Parisutham Vedamuthu, project head of Chennai Enviro. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Gold Rates Today in Chennai | Silver Rates Today in Chennai From clearing garbage in about four wards of Royapuram and Thiru Vi Ka Nagar, the contractor has now expanded to 10 out of 30 wards. In Thiru Vi Ka Nagar zone, the contractor increased the number of trips from 32 to 96 in the last ten days, while in Royapuram, they have gone up from 77 to 128, collecting a total of 25,000 tonnes from the two zones. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas Prices In Dubai Might Be More Affordable Than You Think Villas In Dubai | Search Ads Get Quote Undo These zones generate about 1,000 tonnes a day and have a population of 20 lakh. "We still have key neighbourhoods of George Town, Central, and Egmore to cover. We will wait for a few days, and if people don't join, we will hire more people under the National Urban Livelihood Mission scheme for daily wages," Vedamuthu said. Regarding failed negotiations with protestors and fears over migrant workers being hired, municipal administration and water supply department minister K N Nehru said he spoke to the unions for four days straight. "The contractor won't recruit any migrant workers. The CM has told us to resolve this amicably," he said. Meanwhile, the contractor has scaled up operations with 310 battery vehicles to collect waste in three shifts. "We are doing manual and mechanical sweeping, and secondary transportation. We are building resource recovery centres and procuring tipper-lorries," Nehruadded. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
17 minutes ago
- Time of India
Ahmedabad spacetech firm joins consortium for indigenous satellites
1 2 Ahmedabad: India's first fully indigenous commercial earth observation (EO) satellite constellation is taking shape, and Ahmedabad is playing a starring role. PierSight Space, a spacetech firm from the city, has joined a four-member private consortium selected by Indian National Space Promotion and Authorisation Centre (IN-SPACe), under the department of space, to build and operate the network. The Rs 1,200 crore project, under a pioneering public-private partnership (EO-PPP) model, will deploy 12 satellites equipped with synthetic aperture radar (SAR) for round-the-clock imaging in all weather. The consortium is led by PixxelSpace India and also includes Satsure Analytics India and Dhruva Space. Officials of IN-SPACe, headquartered in Ahmedabad, said that for the first time in India's space history, a private grouping will fund, design, build, and operate such a system, with the constellation expected to be launched over the next five years. The resulting EO data will serve critical sectors including climate change monitoring, disaster management, agriculture, infrastructure, marine surveillance, national security, and urban planning, said experts. Gaurav Seth, co-founder and CEO of PierSight, said their primary task will be to develop SAR technology, which allows Earth observation round the clock, in all weather conditions. "This programme ensures that India's critical sectors will no longer have to wait for foreign data or compromise on timelines. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your Finger Shape Says a Lot About Your Personality, Read Now Tips and Tricks Undo Our constellation will put sovereign EO capabilities into the hands of Indian decision-makers, ensuring security, speed, and self-sufficiency," he said. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Gold Rates Today in Ahmedabad | Silver Rates Today in Ahmedabad Vinit Bansal, PierSight's co-founder and CTO, added that the mission goes beyond capturing images. "The real game-changer will be the context built over time, enabling insights that can drive both public and private sector decisions." Experts point to real-world applications such as mapping flood zones and detecting landslides after a cloudburst, like the recent one in Uttarakhand, or monitoring crops during the monsoon when cloud cover hampers optical satellites. SAR data can also support industries such as mining, infrastructure, and logistics, giving both govt and business stakeholders more accurate and timely intelligence. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
