Karnataka Bank reports net profit of Rs 93.38 cr for Q2

The city-based private sector Karnataka bank has posted a net profit of Rs 93.38 crore during the second quarter of the current financial year.

Though this was lesser compared to the net profit of Rs 123.82 crore in the second quarter of the previous year, the operating profit showed a robust growth of 57.35 per cent and improved to Rs 366.24 crore from Rs 232.75 crore during the same period in 2016-17, the bank said in a release.

The board approved the financial results for the quarter and half-year ending September 30 at its meeting held here yesterday.

The net interest income for the half year increased by Rs 102.71 crore from Rs 761.94 crore to Rs 864.65 crore, registering an Year-on-Year growth of 13.48 per cent, it said.

The bank recorded total business of Rs 97,685.49 crore as on September 30 this year, registering a Year-on-Year growth of 8.89 per cent.

Deposits rose to Rs 56,558.45 crore, a growth of 6.52 per cent.

Advances rose to Rs 41,127.04 crore, registering a growth of 12.34 per cent.

Gross NPAs stood at Rs 1,715.70 crore and constituted 4.13 per cent of gross advances.

Net NPAs was Rs 1,246.81 crore,constituting 3.04 per cent of net advances as against 3.20 per cent in the first quarter.

Expressing satisfaction over the second quarter results, Bank Managing Director and CEO M S Mahabaleshwara said that healthy growth in advances as shown by increased CD ratio (72.72 per cent) and higher operating profit (growth of 57.35 per cent) were among the favourable factors.

With all the growth factors showing positive traction, the CEO said he was optimistic of a strong and sustainable growth in future.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)