Karnataka Bank net profit up 29.16% to Rs 121.63 crore

Karnataka Bank on Wednesday reported net profit of Rs 121.63 crore in the first quarter ended June 30, 2014, a rise of 29.16 per cent, as compared to Rs 94.17 crore in the corresponding period last year. 

Karnataka Bank Managing Director and Chief Executive Officer, P Jayarama Bhat said, the business turnover of the bank for the quarter was Rs 71,620 crore marking a rise of 15.22 per cent as compared to June last year.

Deposits rose 15.9 per cent  from Rs 36,914.62 crore in the quarter ended June 30, 2013 to Rs 42,783 crore this quarter.

Net Interest Income was at Rs 278.21 crore  for the quarter as compared to Rs 250.09 crore in the corresponding quarter last year. 

Capital Adequacy Ratio (CAQ), as per Basel II, norms stood at 13.05 per cent, while CAQ as per Basel III norms stood at 12.97 per cent as against the regulatory requirement of 9 per cent.

Current Account Savings Account ratio (CASA) increased to Rs 10,688.42 crore for the first quarter this year from Rs 8,759.11 crore in the corresponding period last year.

In the quarter ended June 30, 2014, the bank opened 12 branches and plans to increase that number by  75 during the current year.

“The bank is also in recruitment mode and has initiated the process of recruiting another 920 personnel in the cadre of officer and clerk. Further the Annual General Meeting of the Shareholders of the Bank is scheduled to be held at Mangalore on August 9,” Bhat said.