Karnataka Bank’s Q2 net rises by 15.59%

 Karnataka Bank has registered net profit of Rs 102.25 crore for Q2 of current fiscal from Rs 88.46 crores (Q2 of FY 2014-15), registering a year to year growth of 15.59%. 

The operating profit also showed marginal growth of 4.21% and improved to Rs 169.46 crore from Rs 162.62 crore (Q2 of FY 2014-15). The Net Interest Income for the half year end increased by Rs 62.74 crores from Rs 575.47 crore to Rs 638.21 crores registering a year to year growth of 10.90 per cent Stock Market Trading Tips

Bank has clocked a business turnover of Rs 81,315 crore as on September 30, 2015, registering a year to year growth of 10.01%. Deposits of the Bank rose to Rs 48,872 crore registering a year to year growth of 10.58%. Advances rose to Rs 32,443 crore registering a year to year growth of 9.17%. 

Current Account, Savings Account (CASA) deposits increased by Rs 1,108 crore from Rs 10,747 crores to Rs 11,855 crore and constitutes 24.26% of total deposits. 

The Net NPA also declined by 41 basis points to 1.96% from 2.37% (as of September 2014) and amount wise to Rs 635.28 crore from Rs 702.24 crore Himanshu Tiwari Astrologer Blog

Announcing the results at the Bank's Head Quarters at Mangaluru, P Jayarama Bhat, MD & CEO of the Bank said, "Turnaround in NPA is the significant achievement of the second quarter and efforts would be further intensified to consolidate the position. Increase in NII (by 10.90 %) and reduction in NPAs are the twin achievements of the quarter. Our focus during the ensuing quarters will be on expansion of credit, particularly retail credit with an eye on asset quality. With the recent cut of 25 basis points in our Base Rate from 10.5% to 10.25%, we expect the retail loan portfolio to pick up in the ensuing quarters. Further, bank is taking its digital banking initiative forward with all enthusiasm to increase the comfort of banking for our customers and to digitally empower them. Of the 25 e-lobbies planned for the current year, 12 e-lobbies are already commissioned". 

The Bank is into its 92nd year of purposeful banking and eyeing a business turnover of Rs 91,000 crore (Deposits Rs 53,500 crore and advances Rs 37,500 crore]. The Bank has a network of 1,793 service outlets comprising of 691 branches, 1,102 ATMs spread across the country. The Bank is poised to increase its number of outlets to 2,000 comprising of 725 Branches and 1275 ATMs, by the end of March 2016, he said Indian stock market astrology prediction