Moneycontrol
Jul 15, 2017 08:08 PM IST | Source: PTI

Karnataka Bank Q1 net up 10 percent at Rs 134 crore

Private sector lender Karnataka Bank has posted a 10.13 percent rise in net profit at Rs 133.85 crore for the first quarter of the current fiscal.

Karnataka Bank Q1 net up 10 percent at Rs 134 crore

Private sector lender Karnataka Bank has posted a 10.13 percent rise in net profit at Rs 133.85 crore for the first quarter of the current fiscal.

The bank had reported a net profit of Rs 121.54 crore in the April-June quarter of 2016-17.

The total income of the bank increased to Rs 1,547.93 crore as against Rs 1,434.96 crore a year ago, it said in a regulatory filing.

Provisions to cover bad loans and contingencies increased to Rs 198.88 crore for the June quarter of 2017-18 from Rs 136.31 crore a year ago.

In terms of asset quality, gross NPAs (non-performing assets) or bad loans rose to 4.34 percent of gross loans as on June 30, 2017 from 3.92 percent a year ago.

Net NPAs were 3.20 percent, up from 2.61 percent a year ago.

"The encouraging growth in advance and the resultant increase in operating profit are two major achievements which will set a tone for the future growth story," the bank's Managing Director and CEO Mahabaleshwara M S said.
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