Business Daily from THE HINDU group of publications
Sunday, Jul 30, 2006
Business Daily from THE HINDU group of publications Sunday, Jul 30, 2006 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Web Extras - Outlook Karnataka Bank Q1 net at Rs 41 cr Our Bureau
Mangalore , July 29 Karnataka Bank Ltd has posted a net profit of Rs 41.03 crore in the first three months of the current financial year against Rs 41.69 crore in the corresponding period of the previous fiscal, registering a decline of 1.58 per cent. However, the net interest income of the bank registered a growth of 12.07 per cent. The net interest income rose to Rs 101.73 crore (Rs 90.77 crore) during the first quarter. The other income stood at Rs 44.88 crore (Rs 47.74 crore) during the period. A bank release said here on Saturday that the total business turnover stood at Rs 20,786 crore. On a year-on-year basis, the deposits grew by 28.11 per cent to reach Rs 12,984 crore from Rs 10,136 crore, and advances grew by 25.86 per cent to touch Rs 7,802 crore from Rs 6,199 crore. During the current fiscal, the bank plans to achieve a total business turnover of Rs 25,000 crore, comprising deposit of Rs 15,000 crore. The gross income rose to Rs 337.04 crore (Rs 288.38 crore).
The capital adequacy ratio stands at 11.28 per cent against the RBI stipulation of 9 per cent, after taking into account the market risk as per Basel II accord.
MORE BRANCHES
The bank, which has 398 branches, plans to increase the number to 415 during the year. According to the release, the bank plans to concentrate on opening branches in northern and north-eastern part of the country at places such as Silguri, Allahabad, Agra, Kanpur, Bilaspur, Bhopal, Jodhpur and Panipath. The ATM outlets will be increased to 125.
The bank has networked 328 offices under core banking solution with business coverage of 96 per cent.
TIE-UP
The bank proposes to tie up with Franklin Templeton Asset Management (I) Pvt Ltd for distribution of its mutual fund products during the first week of August, according to the release.
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