Karnataka Bank Q4 net up 22.5% to Rs 91 cr

Mangalore headquartered private sector lender, Karnataka Bank has registered a 22.56 per cent rise in its net profit to Rs 90.82 crore in the fourth quarter of FY 11 as against Rs 74.10 crore same period last year. Total income of the bank rose by 22.74 per cent to Rs 745.41 crore as compared with Rs 607.29 crore reported earlier. Operating profit, however, declined by 1.61 per cent to Rs 91.34 crore during Q4 as compared with Rs 92.84 crore reported in the corresponding period last year.

On an annual basis, net profit of the lender increased by 22.43 per cent to Rs 204.61 crore in FY 11 as compared with Rs 167.12 crore in the corresponding period last year. Total income rose by 13 per cent to Rs 2662.60 crore during the January-March period as compared with Rs 2354.68 crore reported an year ago. Similarly, operating profit of the bank rose by 36.22 per cent to Rs 355.29 crore in the last financial year.

Net interest income (NII) increased by 2.28 times to Rs 612.48 crore during this period. Meantime, total business turnover of the bank has touched Rs 44,684 crore, up by 17 per cent over previous year.

“While deposits grew by 15.19 per cent to Rs 23,731 crore in FY11, advances grew by 20.17 per cent to Rs 17,348 crore during this period,” a bank release said. The bank also witnessed a growth of 23.23 per cent in its current account, savings account deposit during FY11. However, the bank witnessed a marginal increase in its non-performing asset in the last financial year.

While gross NPA has increased to 3.97 per cent from 3.73 per cent an year earlier, its net NPA increased to 1.62 per cent from 1.31 per cent in the previous year. In the capital adequacy front, the bank has 13.33 per cent CAR under basel-II by end of March, 2011.

It aims a business turnover of around Rs 54,000 crore in the current financial year, up by 21 per cent over last fiscal. The bank aims to reach Rs 32,500 crore of deposit and Rs 21,500 crore of advances in the current fiscal.