Karnataka Bank Q2 net up 21% to Rs 124cr

Private sector lender Karnataka Bank's net profit surged 21.1 per cent to Rs 123.82 crore in the second quarter ended September 30, on account of higher interest income.
The bank had reported a net profit of Rs 102.25 crore in the July-September quarter of previous fiscal.
"Total income has increased to Rs 1,496.07 crore for the quarter ended September 30, 2016 from Rs 1,369.39 crore for the same quarter of previous fiscal," it said in a regulatory filing.
The interest income of the bank grew 46.5 per cent to Rs 1,306.37 crore as against Rs 1,248.38 crore year ago. While, income from other sources also rose substantially at Rs 189.70 crore compared to Rs 121.01 crore year ago period.

However, provisions towards bad loans and contingencies were increased to Rs 130.55 crore for the second quarter of the current fiscal as against Rs 35.07 crore in the same period year ago.
However, the gross non-performing assets (NPAs) as a percentage of gross advances increased to 3.64 per cent from from 3.18 per cent year ago.
Likewise, net NPAs stood at 2.63 per cent of the net advances at the end of September quarter compared from 1.96 per cent in the same quarter last year.
Karnataka Bank scrip traded 4.28 per cent up at Rs 121.80 on BSE.