For the quarter ending September 2022, the net interest income increased by 26% to Rs 802.73 crore from Rs 637.10 crore. The net interest margin has improved to 3.56% from 3.15% as of 30 September 2021.

The bank's profit before tax (PBT) surged 304.17% year on year to Rs 591.66 crore in the quarter ended 30 September 2022.

The bank's provisions (other than tax) and contingencies was Rs -13.84 crore in Q2 FY23 as against Rs 347.21 crore in Q2 FY22.

The bank's gross non-performing assets (NPAs) stood at Rs 2051.70 crore as on 30 September 2022 as against Rs 2401.39 crore as on 31 June 2022 and Rs 2501.12 crore as on 30 September 2021.

The ratio of gross NPAs to gross advances stood at 3.36% as on 30 September 2022 as against 4.03% as on 31 June 2022 and 4.52% as on 30 September 2021.

The ratio of net NPAs to net advances stood at 1.72% as on 30 September 2022 as against 2.16% as on 31 June 2022 and 2.85% as on 30 September 2021.

The Provisioning Coverage Ratio (PCR) as at 30 September 2022 of the bank stood at 79.97% as against 71.67% as at 30th September 2021.

The bank's total deposits rose 6.13% to Rs 81,633.40 crore while total advances jumped 10.18% to Rs 59,872.47 crore in Q2 FY23 over Q2 FY22.

The bank's capital adequacy ratio stood at 15.28% compared with 14.48% as of 30 September 2021.

Mahabaleshwara M.S., managing director & CEO of the bank said, "Our all-time high Q2FY23 result represents the tipping point of the Bank's reinvigorated trajectory. The milestone of reaching Rs 411.47 crore of net profit earned during the quarter is the highest-ever quarterly profit earned by the Bank. The significant jump in net profit is mainly because of improved earnings, improved asset quality, healthy growth of advances, cost containment, and efficiency enhancement, among others. It is also noteworthy that our core fundamentals across all key performance parameters, such as NIM, PCR, ROI, ROA, and CASA Ratio, among others, have improved materially."

Karnataka Bank is a scheduled commercial bank under private sector, serving customers across India. It has a presence across the metro, urban, semi-urban, and rural centres.