Karnataka Bank reports Q3 net at Rs 106 crore

Karnataka Bank has reported a flat growth in its net profit at Rs 106.94 crore for third quarter ended December 2014-15.
Bank's net profit in the corresponding (October-December) quarter of 2013-14 stood at Rs 106.70 crore.
The net interest margin (NIM), a gauge of profitability, remained at 2.41 per cent during Q3FY15, slightly down from 2.44 per cent year ago, it said in a filing to the BSE.
"The results are in line with expectations. With the signs of industrial down turn bottoming out and the business sentiments gaining momentum, we are optimistic of business excellence in the Q4 of FY2015. However, geo-political uncertainties are still a cause of concern and the ensuing union budget will be a trend setter for economic growth," said P Jayarama Bhat, MD& CEO of the bank.

The bank is eyeing a business turnover of Rs 80,000 crore for the year 2014-15, comprising of deposits of Rs 47,000 crore and advances of Rs 33,000 crore, he added.
Gross Non-Performing Assets (NPAs) of the bank rose to 3.65 per cent during the quarter, from 3.44 per cent year ago.
Net NPAs too increased to 2.41 per cent over 2.23 per cent in Q3FY14.
Karnataka Bank scrips closed 2.33 per cent lower at Rs 144.60 apiece on BSE.