Karnataka Bank on Thursday reported a significant jump in net profit by 224% to Rs 371 crore for the June quarter of the current fiscal year against the Rs 114 crore reported in the year-ago quarter.

The bank’s net interest income increased by 18.6% at Rs 815 crore from Rs 687 crore in Q1FY23.

The bank’s gross non-performing assets declined marginally by 3.68% against 4.03 in the corresponding quarter of the last fiscal year.

The bank’s current account savings account ratio dipped to 32.2% from 32.8%.

The bank’s total deposit for the June quarter was Rs 86,960 crore, which is 8% above the Rs 80,577 crore reported in the year-ago quarter.

On the advances front, the lender reported a 5.4% growth to Rs 61,489 crore in the Q1FY24 against Rs 58,359 crore in the year-ago quarter.

According to the Managing Director and Chief Executive Officer Srikrishnan H, the bank has a strong retail, agriculture, and MSME demand. He even added that they have seen a jump in loans against gold, and they are exploring digital gold loan opportunities and trying some partnerships for the same.

He added, “Also, we may look at working on co-lending partnerships for lending to startups and microfinance customers,”