Karnataka Bank Q2 net trebles at Rs 88 cr

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New Delhi | November 01, 2014 1:09 PM

Private sector player Karnataka Bank's net profit more than trebled at Rs 88.46 crore...

Private sector player Karnataka Bank’s net profit more than trebled at Rs 88.46 crore for the second quarter ended September 30, 2014-15, on lower provisioning for bad loans and higher revenues from corporate and retail banking.

It had registered net profit of Rs 28.95 crore for the July-September quarter of 2013-14.

“Total income has increased from Rs 1,152.49 crore for the quarter ended September 30, 2013 to Rs 1,278.44 crore for the quarter ended September 30, 2014,” the bank said in a filing to the BSE.

The revenue from corporate banking increased to Rs 428.62 crore in Q2 FY’15, from Rs 376.81 crore a year ago. From retail banking, it earned Rs 502.50 crore during the quarter, up from Rs 476.02 crore year ago.

The provisions for bad loans came down to Rs 83.64 crore, from Rs 126.71 crore a year ago.

On asset side, gross bad loans or non-performing assets (NPAs) came down to 3.53 per cent of total advances as of September 30, 2014-15, while it was at 3.59 per cent in the same period of previous fiscal.

Net NPAs, however, went up at 2.37 per cent during the period, from 2.25 per cent year ago.
The bank’s scrip closed at Rs 123.85, up 3.38 per cent, on the BSE.

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