Mangalore, Oct. 23: Mangalore based Premier Private Sector Bank, Karnataka Bank Ltd., has posted a net profit of ` 123.12 crore for half year ended September 2013. The operating profit of the Bank has increased by ` 101.45 crore from ` 327.70 crore to ` 429.15 crore registering a y-o-y growth of 30.96 per cent.
The business turnover of the Bank has touched ` 64,483 crore as at the end of September 2013, against ` 56,363 crore as at the end of the corresponding period last year, registering a y-o-y growth of 14.41 per cent. The deposits of the Bank grew by ` 4046 crore from ` 33,968 crore to ` 38,014 crore registering a y-o-y growth of 11.91 per cent. Advances grew by ` 4,074 crore from ` 22,395 crore to ` 26,469 crore registering a y-o-y growth of 18.19 per cent.
Current Account, Savings Account (CASA) increased by ` 1067 crore from ` 7,970 crore to ` 9037 crore registering a y-o-y growth of 13.39 per cent.
The Net Interest Income has increased by ` 80.11 crore from ` 454.54 crore to ` 534.64 crore registering a y-o-y growth of 17.62 per cent.
The Capital Adequacy Ratio stood at 13.47 per cent [under BASEL II standards] against the regulatory requirement of minimum 9 per cent.
“Despite sluggish growth in economy and subdued investment sentiments, Bank has been able to do well in many areas and I am optimistic about the growth opportunities for the second half of current year” said Sri P Jayarama Bhat, MD & CEO of the Bank.
During the half year, the Bank has opened 73 service outlets comprising of 8 branches and 65 ATMs, taking the tally of service outlets to 1126 [558 branches and 568 ATMs]. The Bank has its presence in 20 states and 2 union territories, and plans to take the tally of service outlets to 1,200 by the end of March 2014 by increasing the number of branches and ATMs to 600 each.
The Bank has won the following excellence awards during the half year ended Sept 2013
ASSOCHAM Social Banking Excellence Award 2013[Runner up] under the “Private Sector Banks Category”. Best Bank for Customer Friendliness under the category of Midsized Banks. Best Banker for Customer Orientation under the category of Private Sector Banks. Best Banker for HR under the category of Private Sector Banks.
IDRBT Banking Technology Excellence Awards for the year 2012-13, among Small Banks, under the following categories: Best Bank Award for Managing IT Risks and Best Bank Award for use of IT for business innovation.