Karnataka Bank declared net profit of Rs. 415.29 crore

Karnataka Bank declared net profit of Rs. 415.29 crore

Mangalore Today News Network

Mangaluru, May 23, 2016: In a media release at the week end, Karnataka Bank reported a net profit of Rs. 415.29 crore and proposed a dividend of 50 per cent for the financial year 2015-16. The gross income of the bank for the year increased from Rs. 5,205.41 crore to Rs. 5535.07 crore recording an annual growth of 6.33 per cent. The operating profit increased from Rs. 773.38 crore to Rs. 854.53 crore showing a growth of 10.49 per cent, said a release here.

The net interest income was up by 11.47 per cent on year-on-year basis to Rs. 1302.87 crore from Rs. 1,168.85 crore. The net profit for the fourth quarter ended March 31, 2016 was Rs. 106.79 crore when compared to the net profit of Rs. 134.42 crore for the corresponding period the previous year.

The Board of Directors which met at Mangaluru on May20, Friday, approved the audited financial statements for financial year.

The business turnover touched Rs. 84,391 crore as on Mach 31, registering a growth of 8.63 per cent on year-on-year basis. The deposits grew from Rs. 46,009 crore to Rs. 50,488 crore with a growth of 9.74 per cent and advances grew from Rs. 31,680 crore to Rs. 33,902 crore with a growth of 7.02 per cent.

The Gross NPAs decreased to 3.44 per cent as at the end of Q4 of FY 2015-16 compared to 3.56 per cent as at the end of Q3 of FY 2015-16. Similarly, the Net NPA decreased to 2.35 per cent as at the end of Q4 of FY 2015-16 compared to 2.41 per cent as at the end of Q3 of FY 2015-16.

As on March 31, the Bank has 725 branches and 1,275 ATMs, with 50 e-lobbies/mini e-lobbies. The Bank has plans to open another 40 new branches and 225 new ATMs by March-2017 with 100 new e-lobbies/mini e-lobbies, thus aiming for 2,265 service outlets, said Bank Managing Director and CEO P. Jayarama Bhat.