Karnataka Bank Q4 net up 65.52% to Rs 134.42 cr

Karnataka Bank Q4 net up 65.52% to Rs 134.42 cr

Mangaluru-based private sector lender Karnataka Bank on Friday reported 65.52 per cent rise in net profit at Rs 134.42 crore for the fourth quarter ended March 31, 2015. The bank had reported net profit of Rs 81.21 crore in the corresponding quarter last year.

The bank’s total income went up 11.55 per cent to Rs 1,308.04 crore compared with Rs 1,172.58 crore a year ago, Karnataka Bank said in a filing to the BSE.

The operating profit (before provisions and contingencies) went up 112.39 per cent to Rs 189.35 crore compared with Rs 89.15 crore. Net interest income (NII), or the difference between the interest earned on loans and the interest paid on deposits, stood at Rs 291.31 crore in  the fiscal fourth quarter, up 16.56 per cent from Rs 249.93 crore. The private sector lender’s other income declined two per cent to Rs 111.69 crore compared with Rs 113.98 crore.

However, for financial year 2014-15, the bank reported a 45.15 per cent rise in net profit at Rs 451.45 crore compared with Rs 311.03 crore.

“Year 2014-15 has proved to be a best performing year for Karnataka Bank despite challenging market conditions. Overall improvement in operational efficiency coupled with reduction in NPAs are noteworthy,” said P Jayarama Bhat, MD and CEO.

 The business turnover of the bank touched Rs 77,688.60 crore as on March 31, 2015, registering a growth rate of 12.71 per cent on year-on-year basis. The deposits of the bank grew from Rs 40,582.83 crore to Rs 46,008.61 crore with a growth rate of 13.37 per cent and advances grew from Rs 28,345.49 crore to Rs 31,679.99 crore with a growth rate of 11.76 per cent.

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