The Hindu Business Line : Karnataka Bank Q1 net rises to Rs 42 cr

KARNATAKA Bank Ltd has recorded a net profit of Rs 41.69 crore during the first quarter ended June 30 against Rs 38.73 crore in the same period last year, registering 7.6 per cent growth.

The total income stood at Rs 288.38 crore (Rs 312.58 crore) during the quarter. Interest income rose to Rs 240.64 crore (Rs 207.71 crore). Other income was down at Rs 47.74 crore (Rs 104.87 crore). The bank recorded an operating profit of Rs 87.94 crore (Rs 117.23 crore).

The capital adequacy stood at 13.83 per cent (14.38 per cent) as at the end of June. During the period, the net NPA stood at 2.14 per cent.

the bank aims at a business turnover of Rs 20,000 crore for the current financial year.

The bank, which has 385 branches, plans to open 15 more during the financial year in select metro and urban centres. The release said that the bank is planning to extend core-banking solution at 35 more branches enabling `anywhere banking' facility at 315 branches by the end of the current year. With this, the bank plans to cover 92 per cent of its business through core banking solution, the release added.

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