Karnataka Bank gains as bad loans drop in Q4

The bank announced Q4 results during trading hours today, 15 May 2013.

Meanwhile, the S&P BSE Sensex was up 499.14 points or 2.53% at 20,221.43.

On BSE, 17.43 lakh shares were traded in the counter as against average daily volume of 9.01 lakh shares over the past two weeks.

The stock hit a high of Rs 161.75 and a low of Rs 156.25 so far during the day.

Karnataka BanK's ratio of gross non-performing assets (NPAs) to gross advances decreased to 2.51% as on 31 March 2013, from 3.3% as on 31 December 2012 and 3.27% as on 31 March 2012.

Karnataka Bank's net profit declined 18.96% to Rs 67.39 crore on 14.13% growth in total income to Rs 1090.32 crore in Q4 March 2013 over Q4 March 2012.

Karnataka BanK's provisions and contingencies declined 28.3% to Rs 54.29 crore in Q4 March 2013 over Q4 March 2012.

The bank's net profit surged 41.45% to Rs 348.08 crore on 20.73% growth in total income to Rs 4161.93 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

During FY 2013, Karnataka Bank raised Rs 250 crore of lower Tier II subordinated debentures/bonds for augmenting its capital funds.

Karnataka Bank's board of directors at a meeting held today, 15 May 2013, recommended dividend of Rs 4 per share for FY 2013.

Karnataka Bank is a private sector banking institution based in the town of Mangalore in Karnataka and has major presence in South India. The bank is engaged in commercial banking and related activities.

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