Karnataka Bank Q3 net up 72%

Karnataka Bank has registered 72.3 per cent growth in net profit during the third quarter ended December 31, 2012 at Rs 280.69 crore against Rs 162.91 crore in the corresponding period last year. Total business increased to Rs 58,024 crore during the period, registering year-on-year growth of 17.3 per cent.

Total deposits increased from Rs 29,785 crore to Rs 34,620 crore, growing 16.2 per cent. Advances increased Rs 19,689 crore to Rs 23,404 crore, registering 18.9 per cent growth. The bank’s clientele base touched 68 lakh in December 2012.

Operating profit increased to Rs 482 crore as of December 2012 from Rs 328 crore a year earlier, growing at 46.9 per cent. Net interest income increased 31.7 per cent to Rs 682 crore from Rs 518 crore earlier. Net interest margin increased from 2.10 per cent to 2.36 per cent year-on-year.

Capital adequacy ratio was maintained at 12.93 per cent against the regulatory requirement of minimum 9 per cent.  The bank is eyeing business turnover of Rs 65,000 crore in 2012-13 with deposits of Rs 39,000 crore and advances of Rs 26,000 crore, Karnataka Bank Managing Director and CEO P Jayarama Bhat said.

The bank has registered higher growth in both deposits and advances at 16.2 per cent and 18.9 per cent respectively, as against the industry level deposit growth of 11.1 per cent and advances growth of 15.1 per cent.