Karnataka Bank on Monday posted a 43% increase in net profit for the quarter ending September at R41.08 crore against R28.72 crore in the corresponding quarter last year.
The bank’s net NPA ratio of the bank was 2.22% during the quarter as against 1.11% a year ago. The capital adequacy ratio under Basel II stood at 12.85% at the end of September, it said in a release. For the half year ending September, the bank reported a 20.82% increase in net profit at R90.86 crore compared to R75.20 crore in the year-ago period. The operating profit of the bank during the period increased from R151.11crore to R223.79 crore, a growth rate of 48.10%, the release said, adding that net interest income increased by 34.57% on a year-on-year basis to R335.33 crore from R249.19 crore. Karnataka Bank said it is eyeing a total business of R54,000 crore by the end of this fiscal year comprising deposits of R32,500 crore and advances of R21,500 crore.
It plans to increase the number of branches to more than 500 by March.