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Karnataka Bank today reported 12.8 per cent rise in net profit at Rs 94.17 crore for its first quarter ended June 30.
The bank had posted net profit of Rs 83.43 crore during the April-June period of 2012-13.
Total income of the bank during the first quarter of 2013-14 increased to Rs 1,203.80 crore from Rs 988.66 crore in the same quarter of previous fiscal, it said in a filing to the BSE.
“The net interest income has increased by Rs 28.21 crore from Rs 221.88 crore to Rs 250.10 crore registering a YoY growth of 12.72 per cent,” the private sector lender said in a press release.
The net non-performing assets (NPAs) or bad loans of the bank during the quarter fell slightly to 1.96 per cent, from 1.99 per cent in the year-ago period.
“The bank is eyeing a business turnover of Rs 78,000 crore for the year 2013-14 comprising of deposit of Rs 45,500 crore and advances of Rs 32,500 crore, with an annual growth of 27.32 per cent,” it said.
To support business expansion, it is on a recruitment drive. It has already hired 820 clerks and is in the process of recruiting 280 officers.
The bank scrip closed at Rs 74.65 on the BSE, down 7.95 per cent.
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