The Hindu : Business / Briefly : Karnataka Bank announces 30 per cent dividend

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Saturday, May 27, 2006

Business

Business - Briefly

Karnataka Bank announces 30 per cent dividend

MANGALORE: The city based Karnataka Bank Limited has reported a net profit of Rs. 176.03 crore for the year ended March 2006 as compared to Rs.147.15 crore for 2004-05, a growth of 19.6 per cent. The bank has proposed a dividend of 30 per cent, an increase of 50 per cent over the last year. The total business turnover of the bank has crossed Rs. 21,000 crore. The deposits grew by 22.2 per cent to touch Rs. 13,243 crore and advances grew by 24 per cent to reach Rs. 7,792 crore. According to a press release here, the net interest income has risen from Rs. 316.89 crore in 2004-05 to Rs. 365.97 crore, registering a growth rate of 15.5 per cent. The net NPA declined to 1.18 per cent as on March 31, 2006 from 2.29 per cent as at March 31, 2005. The capital adequacy ratio stands at 11.78 per cent, after taking into account the market risk as per the Basel II accord. The net owned funds of the Bank stands at Rs. 1,150 crore. The bank Chairman, Ananthakrishna, said the bank earned increased net profit thanks to lesser provisioning for NPAs and lesser provisioning for depreciation on investments.

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