The Hindu Business Line : Karnataka Bank Q2 net up 22%

Mangalore, Oct. 25 Karnataka Bank Ltd has recorded a net profit of Rs 73.60 crore in the second quarter of 2008-09 against Rs 60.14 crore in the corresponding period of the previous fiscal, recording a growth of 22.38 per cent.

Mr Ananthakrishna, Chairman and Chief Executive Officer of the bank, told Business Line that the provisioning requirement during the second quarter was less. The provisions (other than tax) during the quarter stood at Rs 14.62 crore. However, in the first quarter of the current fiscal, it stood at Rs 102.99 crore. “If you look at the provisioning requirement of the quarter, it is less,” he said.

The net interest income of the bank stood at Rs 112.73 crore (Rs 110.62 crore), recording a growth of 1.91 per cent. Asked about the reasons for this growth, he said cost of funds has increased.

The yield on advances during the period stood at 12.06 per cent (11.09 per cent) and the cost of deposits at 7.33 per cent (6.85 per cent).

During the second quarter of the current fiscal, the other income of the bank was Rs 60.64 crore (Rs 56.92 crore).

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