Spike in treasury profit to Rs 76.71 crore in the quarter ended June 30, 2013 (Q1) as compared to Rs 2.56 crore in the corresponding period last fiscal enabled Karnataka Bank to post 12.87 per cent growth in net profit to Rs 94.17 crore on year-on-year (YoY) basis.
The private sector lender had posted net profit of Rs 83.43 crore in the year-ago period.
Karnataka Bank’s other income was up 116 per cent YoY at Rs 205.95 crore in Q1, from Rs 95.33 crore. Net interest income rose 21.76 per cent to Rs 250.10 crore, up from Rs 221.89 crore.
Profit before tax from retail loans witnessed a decline of 23.48 per cent to Rs 72.52 crore in Q1 from Rs 94.78 crore in the year-ago period.
During the quarter under review, the bank's provisioning for bad loans and other non-tax contingencies was Rs 72.89 crore, up 27.74 per cent from Rs 57.06 crore YoY. Net non-performing assets (NPAs) stood at 1.96 per cent in Q1, marginally down from 1.99 per cent, Karnataka Bank said in a statement.
Published 31 July 2013, 17:36 IST