Karnataka Bank profit increases 22%

Mangalore-based, old-generation, private-sector lender, Karnataka Bank, today reported a 22.3 per cent rise in its net profit at Rs 73.6 crore for the second quarter ended September 2008 compared with the profit for corresponding quarter of the last financial year.

The bank’s total income for the quarter went up by 16.8 per cent to Rs 513.8 crore for the period over the numbers in the same period last year. The rise in profit was due to an increase in the interest income, which went up by 18.4 per cent to Rs 453.2 crore compared with the corresponding quarter last year.

 

The bank’s net interest income, however, was flat at Rs 112.7 crore during the quarter compared with Rs 110.6 crore registered in the corresponding quarter last year. The net profit would have been much higher but for the 22.4 per cent rise in its total expenditure, which stood at Rs 427.3 crore during the quarter.