Karnataka Bank net profit up 66% at Rs 134 crore

Karnataka Bank today reported 66 per cent increase in its net profit at Rs 134.42 crore for the quarter ended March 2015.
Bank's net profit stood at Rs 81.21 crore in the year-ago period.
Total income rose by 11.55 per cent to Rs 1,308.04 crore in January-March quarter of 2014-15 fiscal from Rs 1,172.58 crore in the corresponding period of the previous year, the bank said in a filing to BSE.
However, on asset quality, bank's gross non-performing assets (NPAs) or bad loans slightly increased to 2.95 per cent of gross advances as of March 2015, up from 2.92 per cent a year ago.

Net NPAs were also up, rising to 1.98 per cent of net advances as of March 31, 2015, from over 1.91 per cent as of March 31, 2014.
During the full 2014-15 fiscal, net profit were up by 45 per cent to Rs 451.45 crore from Rs 311.03 crore in the previous year. Total income rose by 10.89 per cent to Rs 5,205.41 crore from Rs 4,694.41 crore.

The Mangalore-headquartered Karnataka Bank has recommended a dividend of Rs 5 per equity share for the year 2014-15.
It's business turnover stood at Rs 77,688.60 crore as of March 31, 2015, up 12.71 per cent on year basis. Deposits grew by 13.37 per cent to Rs 46,008.61 crore, while advances were up by 11.76 per cent to Rs 31,679.99 crore during the year.

"The bank is eying a business turnover of Rs 91,000 crore with growth rate of 17.31 per cent for the year 2015-16, comprising deposits of Rs 53,500 crore and advances of Rs 37,500 crore," it said in a statement.
The share price closed 4.19 per cent higher at Rs 131.90 on BSE today.