Karnataka Bank nets ` 90.8 cr profit in Q2
Karnataka Bank Ltd has posted a net profit of Rs 90.86 crore for the six months period ended September, 2011 as against Rs 75.20 crore as on September 30, 2010. This has registered a growth rate of 20.82 per cent.
The business turnover of the bank has touched Rs 47,916 crore registering a growth of 17.65 per cent on a year-on-year basis. The deposit of the bank grew from Rs 25,045 crore to Rs 28,849 crore (15.19% increase) and advances grew from Rs 15,683 crore to Rs 19,067crore (21.58 % increase).
The half yearly gross income of the bank has increased from Rs 1248.74 crore to Rs 16,09.22 crore recording a growth rate of 28.87 per cent. The operating profit of the Bank has increased from Rs151.11crore to Rs 223.79 crore showing a growth rate of 48.10 per cent. The net interest income has increased by 34.57 per cent on a year-on-year basis to Rs 335.33 crore from Rs 249.19 crore.
The capital adequacy ratio of the Bank stood at 12.85 per cent (under Basel II) as at the end of September, 2011.
The Bank has plans to increase the number of branches to above 500 and take the tally of its ATMs to 325 by March 2012. All the 486 branches have been networked under core banking solution covering 100 per cent business. The Bank has introduced a slew of new products which include Point of Sale (POS) terminal facility also.
The Bank proposes to introduce Gift card, Travel card and ASBA (Application Supported by Blocked Amount) facilities in addition to mobile banking facility to its customers during the current financial year.
