Karnataka Bank Ltd has recorded a growth of 33.25 per cent in net profit during the third quarter of 2013-14.
The bank recorded a net profit of Rs 106.7 crore during the third quarter of 2013-14 against Rs 80.07 crore in the corresponding period of 2012-13.
During the period, net interest income increased to Rs 271.50 crore (Rs 227.80 crore), recording a growth of 19.2 per cent and other income increased to Rs 97.85 crore (Rs 86.24 crore), recording a growth of 13.5 per cent.
Net interest margin stood at 2.44 per cent (2.29 per cent). Net NPAs (non-performing assets) touched 2.23 per cent (2.19 per cent) during the period.
Deposits stood at Rs 38,683 crore (Rs 34,620 crore) and advances at Rs 27,005 crore (Rs 23,404 crore).
Quoting P. Jayarama Bhat, Managing Director of Karnataka Bank Ltd, a press statement said here that the financial performance of the bank has been satisfactory despite a challenging economic environment. Deposits and advances of the bank have shown a steady growth.
Efforts to increase the retail loan book have started yielding desired results. Further, the customer acquisition activity is in full swing in the form of ‘CASA campaign’ and as a result, the bank is encashing the cross selling opportunities, he said.
With the economy showing signs of recovery and market sentiment improving, the fourth quarter of the current fiscal is expected to be more fruitful, he said.