Karnataka Bank registers Rs 106.94 crore profit for third quarter

Karnataka Bank registers Rs 106.94 crore profit for third quarter

Mangalore Today News Network

Mangaluru, Jan 28, 2015: City based private sector bank - Karnataka Bank on Tuesday registered an 8.60 per cent growth in its operating profit at Rs 183.26 crore in the third quarter ending December 31, 2014, compared with Rs 168.75 crore in the same period last year.

The net income of the bank increased 11.25 per cent at Rs 302.05 crore, compared with Rs 271.50 crore in the same period last year.  The net profit of the bank for the third quarter was flat at Rs 106.94 crore, compared with Rs 106.70 crore in the same period last year.

Karnataka Bank MD and  CEO P Jayarama Bhat said that the results were in line with expectations. “With the signs of industrial downturn bottoming  out and the business sentiments gaining momentum, we are optimistic of business  excellence in the Q4 of FY 2015. However, geo-political uncertainties are still a cause of concern and the ensuing Union Budget will be a trend setter for economic growth,” he said.

Current account, savings account (CASA) increased 12 per cent at Rs 10,738 crore in the third quarter compared with Rs 9,576 crore in the same period last year. CASA constitutes 23.97 per cent of the total deposits.

The business of the bank increased to Rs 75,137 crore from Rs 65,688 crore, registering year-on-year (y-o-y) growth of 14.38 per cent, whereas deposits reached a new  high of Rs  44,799 crore with y-o-y growth rate of 15.81 per cent and advances at Rs 30,338 crore with y-o-y growth rate of 12.34 per cent.