The Hindu Business Line : Karnataka Bank reports 30 pc growth in Q3 net

Mangalore, Jan. 27 Karnataka Bank Ltd registered a net profit of Rs 53.88 crore during the third quarter of the current financial year as against Rs 41.52 crore during the corresponding period of the previous year, recording a growth of 29.76 per cent.

The Chairman and Chief Executive Officer of the bank, Mr Anantakrishna, told Business Line that containing of NPAs and better yield on advances helped the bank to register this growth.

During the third quarter of 2006-07, the bank recorded a net interest income of Rs 105.04 crore (Rs 97.75 crore), and other income of Rs 39.71 crore (Rs 36.70 crore). The total income stood at Rs 361.70 crore (Rs 303.14 crore)

The bank recorded an operating profit of Rs 89.47 crore (Rs 78.23 crore) during the period.

On Thursday, the scrip was up at Rs 166.80 on the Bombay Stock Exchange, against the previous closing of Rs 161.35.

A bank release said here on Saturday that the net profit during the first nine months of the current fiscal stood at Rs 150.27 crore (Rs 125.02 crore), showing a growth of 20.2 per cent.

Deposits stood at Rs 13,620 crore (Rs 11,465 crore) and advances at Rs 8,754 crore (Rs 7,044 crore). On a year-on-year basis, the total business growth was at 20.88 per cent with deposit growth of 18.80 per cent and advances growth of 24.27 per cent.

As on December 31, the aggregate investments stood at Rs 5,314 crore and the CD ratio at 64.27 per cent.

The net interest income for the nine months period has increased to Rs 291 crore (Rs 264.88 crore).

During the first nine months, the net NPAs stood at 1.36 per cent (1.56 per cent).

Out of 403 branches, 360 branches are networked under core banking solution covering 97 per cent of business.

Branch expansion

As part of its branch expansion programme across the country, the bank opened branches at Allahabad and Bilaspur recently.

A few more branches will be opened at Kanpur, Agra, Siliguri, Panipath and Jodhpur.

As a step towards reaching masses and as a part of activity under financial inclusion, a fully computerised branch with core banking facility will be opened on January 31 at Sajipa Muda village in Bantwal taluk of Dakshina Kannada district, the release added.

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