Karnataka Bank Q1 net profit up 16%

Mangalore-based Karnataka Bank today reported a growth of 16.03 per cent in its net profit at Rs 46.48 crore for the first quarter ended June 30.

It had a net profit of Rs 40.06 crore during the corresponding quarter of the previous fiscal, Karnataka Bank Ltd said in a filing to the Bombay Stock Exchange.

The bank also reported a marginal increase in its total income during the first quarter at Rs 613.30 crore, against Rs 609.67 crore in the year-ago period.

Karnataka Bank's percentage of gross non-performing assets (NPAs) went up to 3.84 per cent in the quarter ended June 30, against 3.74 per cent in the same quarter of 2009-10, it said.

Its percentage of net NPAs also increased during the first quarter to 1.20 per cent, from 0.95 per cent in the year-ago period, the filing added.

For the quarter ended June 30, Karnataka Bank reported a revenue of Rs 209.27 crore from its corporate banking segment. This is 23.62 per cent more than the figure of Rs 169.28 crore reported during the first quarter of 2009-10.

In the retail banking segment, its revenue during the quarter ended June 30 was Rs 203.08 crore, up 11.95 crore from Rs 181.40 crore in the corresponding quarter of the previous fiscal, Karnataka Bank's filing added.