Karnataka Bank Ltd

 

Press Release

 

 

Karnataka Bank’s 1^st Quarter’s net profit Rs. 49.78 Crore

 

Mangalore based premier Private Sector Bank, Karnataka Bank Ltd. has posted a net profit of Rs. 49.78 crore for the quarter ended June, 2011 as against Rs. 46.48 Crore as at 30.06.2010 showing a growth rate of 7.08%.    

 

The business Turnover of the bank has touched Rs. 45,640 crore registering a growth of 18.73% on a year-on-year basis.  The deposit of the bank grew from Rs. 23,970 crore to Rs. 27,552 crore (14.94% increase) and advances grew from Rs. 14,470 crore to Rs. 18,087 crore (25% increase). 

 

The Gross income of the bank has increased from Rs. 613.30 crore to Rs. 768.89 crore recording a growth rate of 25.37%.  The operating profit of the Bank has increased from Rs. 75.53 crore to Rs. 107.08 crore showing a growth rate of 41.78%.  The Net Interest Income has increased by 36.29% on a year-on-year basis to Rs. 153.68 crore from Rs. 112.77 crore. 

 

The capital adequacy ratio of the Bank stood at 13.05% under Basel II as at the end of June, 2011.  The Bank has paid a dividend of 30% for the year 2010-11.      

 

The Bank which has its presence in 20 States and 2 Union Territories of the country has 483 Branches and 276 ATMs as on date.  The Bank has plans to increase the number of branches to above 500 and take the tally of its ATMs to 325 by March 2012.  All the 483 branches have been networked under core banking solution covering 100% business.  The Bank which is tech savvy is keen on upgrading its technology-driven offerings periodically to meet the varying needs and demands of its clients and be at par with other leading private and public sector banks in the country.  The Bank by networking all its branches under Core Banking solution is offering Anytime Anywhere banking facility to its customers.  The Bank has introduced new products "KBL KISHORE" for the students in the age group of 10-18, KBL TARUN for the students in the age group of 18-25.  The bank has a unique Savings Bank scheme "KBL VANITHA" exclusively for women with insurance coverage for jewellery of Rs. 50,000/-.  KBL SALARY PRIVILEAGE is an attractive Savings bank scheme made available for salaried persons. 

 

The Bank launched Point of Sale (POS) terminal facility and also entered into a strategic tie up with M/s Way2Wealth Brokers Pvt. Ltd. for providing Online Trading facility.  The Bank proposes to introduce Gift card, Travel card and ASBA (Application Supported by Blocked Amount) facilities for its customers during the current financial year. 

 

The Bank is eyeing business turnover of Rs. 54,000 crore for the year 2011-12 comprising of deposit of Rs. 32,500 crore and advances of Rs. 21.500 crore.