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Centrum Broking Report
Karnataka Bank Ltd. Q2 FY21 results were overall positive.
Although loan growth was weaker, net interest margin was higher at 3.15% led by lower deposit cost and rising share of retail/mid-corporate leading to a better net interest income.
Stronger treasury gains offset lower fee income resulting in a pre-provision operating profit/profit after tax beat.
Slippages being negligible due to standstill and higher recoveries/write-offs led to a sequential reduction in gross non-performing asset/net non-performing asset.
Provisions were mainly due to NPA and Covid-19 related stood at Rs 979 million (as last quarter).
Moratorium reduced over June to September 2020 from 51.1% to 11.4% of loans mainly led by recoveries in September 2020.
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