May 18, 2012, 05.55 PM | Source: Moneycontrol.com
Private sector lender Karnataka Bank has reported a net profit of Rs 83 crore for the fourth quarter of FY12, down 9% as compared to Rs 91 crore in a year ago period due to high provisions.
Provisions of the bank increased significantly by 97% to Rs 75 crore from Rs 38 crore year-on-year.
Net interest income increased 8.3% year-on-year to Rs 222 crore for the quarter ended March 2012.
Capital adequacy ratio declined at 12.84% in January-March quarter of 2012 versus 13.33% in the corresponding quarter of last fiscal.
Asset quality improved during the quarter. Gross non-performing assets (NPAs) declined at 3.27% versus 4% and net NPAs slipped at 2.11% versus 2.23% quarter-on-quarter.
Gross NPAs went down at Rs 684 crore versus Rs 702 crore and net NPAs moved down at Rs 435 crore versus Rs 438 crore sequentially.
The bank saw a drop in gross NPA levels to 3.44 pe
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