Business Daily from THE HINDU group of publications
Sunday, May 20, 2007
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Business Daily from THE HINDU group of publications Sunday, May 20, 2007 ePaper |
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Dividend Announcement Corporate Results - Private Banks Money & Banking - Financial Performance Karnataka Bank full-year net up; moots 35% dividend Our Bureau
The bank has envisaged crossing a total business turnover of Rs 28,500 crore by March 31, 2008.
Mangalore, May 19 Karnataka Bank Ltd, which registered a growth of Rs 1 crore in net profit during 2006-07, has proposed a dividend of 35 per cent. A bank release said here on Saturday that it has reported a net profit of Rs 177.03 crore for 2006-07 as against Rs 176.03 crore for 2005-06. Quoting the Chairman and Chief Executive Officer, Mr Anantakrishna, it said: "The bank could show comfortable net profit, in spite of increased provisioning for depreciation on investments in the rising interest rate scenario." The bank has proposed a dividend of 35 per cent against 30 per cent last year, it said. Operating profit stood at Rs 356.58 crore (Rs 328.29 crore) and net interest income at Rs 419.86 crore (Rs 365.97 crore). The release attributed the 14.73 per cent rise in net interest income to the growth in advances.
Turnover target
During 2006-07, the total advances of the bank stood at Rs 9,552 crore (Rs 7,792 crore) and deposits at Rs 14,037 crore (Rs 13,243 crore). The bank has envisaged crossing a total business turnover of Rs 28,500 crore — comprising deposit of Rs 17,000 crore and advance of Rs 11,500 crore — by March 31, 2008. Net NPA stood at Rs 1.22 per cent and capital adequacy ratio at 11.03 per cent. During the fourth quarter of 2006-07, the bank recorded a net profit of Rs 26.76 crore (Rs 51.01 crore) and an operating profit of Rs 104.86 crore (Rs 96.81 crore).
EXPANSION
The bank, which has 410 branches, has plans to increase the number to 430 during the year. It has networked 400 offices under core banking solution with a business coverage of 98 per cent, and it plans to achieve 100 per cent coverage by the end of June, the release said. On Friday, the shares of Karnataka Bank closed at Rs 179.05 on the BSE against the previous closing of Rs 181.65.
Related Stories: More Stories on : Dividend Announcement | Private Banks | Financial Performance
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