Private sector Karnataka Bank has reported a rise of about 30 per cent in net profit at Rs 138.37 crore for the last quarter ended March 31, 2017. It had posted a net profit of Rs 106.79 crore during January-March period of 2015-16. Total income during March quarter rose to Rs 1,606.19 crore in 2016-17, from Rs 1,447.68 crore a year ago, the bank said in a regulatory filing. For full fiscal ended March 2017, bank’s net profit increased to Rs 452.56 crore, up 9 per cent, from Rs 415.29 crore in 2015-16.
Income in the entire fiscal rose to Rs 5,994.74 crore, from Rs 5,535.07 crore. On asset front, net non-performing assets (NPAs) were 2.64 per cent of the net advances at the end of March 2017, slightly up from 2.35 per cent year ago. Gross NPAs or bad loans rose to 4.21 per cent as a percentage of gross advances made by the end of fiscal, from 3.44 per cent year ago.
Due to a restricted level of bank’s bad assets, there was only a small rise in provisioning and contingencies allocation to Rs 160.40 crore for the quarter, against Rs 112.50 crore year ago. Board of the bank has declared a dividend of Rs 4 per share for 2016-17, Karnataka Bank said.