Karnataka Bank touches net profit of 107 crore

by news
•
March 20, 2015

Newskarnataka-Mangalore

Mangalore :Mangalore based Premier Private Sector Bank, Karnataka Bank Ltd., has posted a net profit of  106.70 crore for the third quarter of the current year against  80.07 crore for the corresponding period last year, thus registering a  Q-O-Q growth of 33.3 per cent,said Sri P Jayarama Bhat, MD & CEO of the Bank.

The business turnover of the Bank has touched  65,688 crore as at the end of December 2013, registering a y-o-y growth of 13.2 per cent. The deposits of the Bank grew by  4,063 crore from  34,620 crore to 38,683 crore registering a y-o-y growth of 11.7 per cent. Advances grew by  3,601 crore from  23,404 crore to  27,005 crore registering a y-o-y growth of 15.4 per cent.

Current Account, Savings Account (CASA) increased by  1,461 crore from  8,115 crore to 9,576 crore registering a y-o-y growth of 18.0 per cent.

The total income of the Bank has increased by  450 crore from 3072 crore to 3,522 crore registering a y-o-y growth of 14.7 per cent. The operating profit of the Bank has increased by  116 crore from  482 crore to  598 crore registering a y-o-y growth of 24.1 per cent. The Net Interest Income has increased by  124 crore from  682 crore to  806 crore registering a y-o-y growth of 18.1 per cent.

The Capital Adequacy Ratio stood at 13.01 per cent [under BASEL II standards] against the regulatory requirement of minimum 9 per cent.

“The financial performance of the Bank has been satisfactory despite a challenging economic environment. The deposits and advances of the Bank have shown steady growth. The Bank’s effort to increase the retail loan book has started yielding desired results. Further, the customer acquisition activity is in full swing in the form of “CASA Campaign” and as a result Bank is encashing the cross selling opportunities. With the economy showing signs of recovery and market sentiments improving, Q4 is expected to be more fruitful.” said Sri P Jayarama Bhat, MD & CEO of the Bank.

The Bank has planned to open 40 new branches and 100 new ATMs during the Q4 of current year, thus increasing the number of branches to 600 and ATMs to 700 by March 2014.