Karnataka Bank Profits Rise in Q3

Published: 28th January 2015 06:00 AM  |   Last Updated: 28th January 2015 03:54 AM   |  A+A-

BENGALURU: Private lender Karnataka Bank posted a muted net profit growth of 0.22 per cent, at `106.94 crore, for the third quarter of 2014-15, as against `106.70 crore recorded in this period last year.

However, the bank posted a net profit of `317.03 crore, a 37.95 per cent growth, in  the first nine months of 2014-15, compared to `229.82 crore in the first nine months of 2013-14. “The results are in line with expectations. With the signs of industrial downturn bottoming out and the business sentiments gaining momentum, we are optimistic of business excellence in Q4 of FY 2015. However, geo-political uncertainties are still a cause for concern and the ensuing Union Budget will be a trendsetter for economic growth,” said P Jayarama Bhat, MD and CEO of the bank, in a statement.

Karnataka Bank is looking to achieve a turnover of `80,000 crore in 2014-15,  comprising of `47,000 crore in deposits and `33,000 crore in advances.


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