Mangaluru, Oct 14 (PTI) 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 Rs123.82 crore in the second quarter of the previous year, theoperating profit showed a robust growth of 57.35 per cent andimproved to Rs 366.24 crore from Rs 232.75 crore during thesame period in 2016-17, the bank said in a release.
The board approved the financial results for the quarterand half-year ending September 30 at its meeting held hereyesterday.
The net interest income for the half year increased by Rs102.71 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 ason September 30 this year, registering a Year-on-Year growthof 8.89 per cent.
Deposits rose to Rs 56,558.45 crore, a growth of 6.52 percent.
Advances rose to Rs 41,127.04 crore, registering a growthof 12.34 per cent.
Gross NPAs stood at Rs 1,715.70 crore and constituted4.13 per cent of gross advances.
Net NPAs was Rs 1,246.81 crore,constituting 3.04 per centof 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 thathealthy growth in advances as shown by increased CD ratio(72.72 per cent) and higher operating profit (growth of 57.35per cent) were among the favourable factors.
With all the growth factors showing positive traction,the CEO said he was optimistic of a strong and sustainablegrowth in future. PTI MVG RA APRAPR.
This is unedited, unformatted feed from the Press Trust of India wire.