Karnataka Bank net up 13%

Operating profit for the quarter was up 52.43% to Rs 257.51 cr as against Rs 168.94 cr in the year ago period

Mangalore-based private sector lender Karnataka Bank today reported a 12.87 per cent rise in net profit to Rs 94.17 crore for the first quarter-ended June 30, 2013, compared with Rs 83.43 crore reported during the same quarter last fiscal. This was aided by a healthy growth of 12.72 per cent in its net interest income, which stood at Rs 250 crore from Rs 222 crore during the same quarter last year.

Operating profit for the quarter was up 52.43 per cent to Rs 257.51 crore as against Rs 168.94 crore in the year ago period. Total income went up 21.73 per cent to Rs 1,203.80 crore in the quarter-ended June compared with Rs 988.66 crore a year ago. The net interest margin dipped to 2.39 per cent from 2.40 per cent in June, 2012. The CD ratio improved to 68.39 per cent from 66.60 per cent.

Total business touched Rs 62,159 crore registering a year-on-year growth of 14.63 per cent. Deposits grew 13.42 per cent to Rs 36,914.62 crore and advances were up 16.45 per cent to Rs 25,244.37 crore during the quarter. Current account, savings account (CASA) increased 13.84 per cent to Rs 8,759.11 crore.