K'taka Bank net dips 29%

Karnataka Bank has reported a net profit of Rs 68.52 crore, for the third quarter ended December 2016, down 29.3% against Rs 96.91 crore for the corresponding quarter last fiscal.

The operating profit for the quarter stood at Rs 171.86 crore, down 10.34% from Rs 191.68 crore for the corresponding quarter last year. However, the net interest income for the quarter increased by 23.48% to Rs 376.52 crore, from Rs 304.93 crore in the third quarter of the previous fiscal year.

Deposits of the bank rose to Rs 57,435 crore, registering Year-on-Year (y-o-y) growth of 15.65%, while the advances rose to Rs 35,786 crore, registering y-o-y growth of 8.68%. The Capital Adequacy Ratio of the bank stood at 13.19%, under Basel III norms, against the regulatory requirement of minimum 9%.

“Even though Q3 of the current financial year has not been a normal quarter for banks mainly on account of demonetization related issues, Bank has been able to wither away its impact and the ensuing quarters are likely to be robust,” P Jayarama Bhat, MD and CEO of the bank said.
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