Saturday, 15 July 2017

Karnataka Bank Q1 profit up 10% at Rs134 crore

Private sector lender Karnataka Bank has posted a 10.13 percent rise in net profit at Rs 133.85 crore for the first quarter of the current fiscal.

The bank had reported a net profit of Rs 121.54 crore in the April-June quarter of 2016-17.

The total income of the bank increased to Rs 1,547.93 crore as against Rs 1,434.96 crore a year ago, it said in a regulatory filing.

Provisions to cover bad loans and contingencies increased to Rs 198.88 crore for the June quarter of 2017-18 from Rs 136.31 crore a year ago.

In terms of asset quality, gross NPAs (non-performing assets) or bad loans rose to 4.34 percent of gross loans as on June 30, 2017 from 3.92 percent a year ago.

Net NPAs were 3.20 percent, up from 2.61 percent a year ago.

"The encouraging growth in advance and the resultant increase in operating profit are two major achievements which will set a tone for the future growth story," the bank's Managing Director and CEO Mahabaleshwara M S said.

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