Karnataka Bank Q4 net down 8.7%

Mangalore-based private sector lender Karnataka Bank on Friday reported 8.7 per cent drop in net profit at Rs 83 crore for the fourth quarter-ended March 31, 2012, compared to Rs 91 crore reported in the corresponding quarter last fiscal. The total income for the quarter increased by 28 per cent to Rs 955 crore as against the same period last year.

The operating profit for the fourth quarter, however, doubled to Rs 182 crore as against Rs 91 crore reported in the fourth quarter last fiscal. The decline in fourth quarter net profit was mainly on account of higher provisions and contingencies of Rs 76 crore as against the write back of Rs 5 crore in the year ago period.

The net interest income grew marginally by 8.8 per cent to Rs 222 crore during the quarter compared to the year ago period.