Karnataka Bank Q3 net rises 33% to Rs 107 crore

 Karnataka Bank said that its net profit for the quarter ended December 2013 (Q3) stood at Rs 106.70 crore, up 33.25 per cent from Rs 80.07 crore during the corresponding period last financial year.

Net interest income at Rs 271.50 crore in Q3 marked 19.20 per cent rise on year-on-year (YoY) basis, the bank said in a regulatory filing to the Bombay Stock Exchange on Friday. Net interest margin rose marginally to 2.44 per cent. Total income was Rs 1,165.54 crore in Q3, up marginally from Rs 1,050.58 crore, up 10.94 per cent YoY.

Deposits and advances as on December 31, 2013 stood at Rs 38,683 crore and Rs 27,005 crore respectively, the bank said. Net NPAs stood at 2.23 per cent and provisioning for bad loans was up 9 per cent at Rs 40.41 crore in the quarter. Capital adequacy ratio was 12.86 per cent as per Basel III norms.

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