Karnataka Bank Q2 net plunges 75%

Karnataka Bank Q2 net plunges 75%

Karnataka Bank Q2 net plunges 75%

Higher provisioning for bad loans pulled the net profit of private sector lender Karnataka Bank down 75.29 per cent to Rs 28.95 crore for the second quarter ended September 30, 2013 (Q2).

The bank had reported net profit of Rs 117.19 crore in the corresponding quarter last fiscal.
The provisioning increased to Rs 126.71 crore in Q2, up from 22.75 crore in the year-ago period, the bank said in its regulatory filing to the Bombay Stock Exchange.

Net interest income in Q2 was 22.31 per cent up at Rs 284.54 crore, from Rs 232.64 crore in the corresponding quarter last fiscal. Net interest margin was 2.63 per cent in Q2.
Net NPAs stood at 2.25 per cent in Q2, up from 2.08 per cent (YoY). Capital adequacy ratio was 13.47 per cent according to Basel II norms.

Total advances were Rs 26,469 crore and deposits Rs 38,014 crore as on September 30, 2013, representing YoY growth of 18.19 per cent and 11.91 per cent respectively.
Current account, savings account (CASA) ratio was 23,79 per cent.

Get a round-up of the day's top stories in your inbox

Check out all newsletters

Get a round-up of the day's top stories in your inbox