Karnataka Bank on Friday posted an increase of 11.16% in net profit that stood at Rs 121.54 crore for the quarter ended June 30, 2016, against Rs 109.34 crore in the corresponding quarter last year.
The operating profit of the bank has increased from Rs 239.02 crore to Rs 261.92 crore, showing a growth rate of 9.58%. The Net Interest Income has increased by 10.07% on year-on-year basis to Rs 364.69 crore from Rs 331.32 crore.
The business turnover of the bank has touched Rs 86,447 crore as on June 30, 2016, registering a growth rate of 10.66% on year-on-year basis. “Even though there is some spike in NPAs in Q1 in line with the industry trend, the NPAs are reasonably contained within the tolerance zone. It is a matter of satisfaction to note that the preventive measures to minimise the collateral damages of NPAs has safe guarded the bottom line,” said P Jayarama Bhat, MD and CEO of Karnataka Bank.
Published 29 July 2016, 16:56 IST