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Karnataka Bank posts Rs. 41 cr. profit
Staff Reporter
MANGALORE:
Karnataka Bank has posted a net profit of Rs. 41.03 crore for the first quarter ended June 30, 2006. Total business turnover stood at Rs. 20,786 crore. Deposits grew by 28.11 per cent to Rs. 12,984 crore from Rs. 10,136 crore and advances by 25.86 per cent to Rs. 7,802 crore from Rs. 6,199 crore on a year-on-year basis.
Gross income of the bank rose from Rs. 288.38 crore to Rs. 337.04 crore. The operating surplus increased from Rs. 87.94 crore to Rs. 94.58 crore. Net interest income went up to Rs. 101.73 crore from Rs. 90.77 crore. The capital adequacy ratio stood at 11.28 per cent.
The bank, which has 398 branches spread across 19 States and two Union Territories, has plans to increase the number of branches to 415 during the year. It plans to concentrate opening of branches in North and North east. The bank also intends to increase its ATM outlets to 125.
The bank has networked 328 offices under core banking solution with business coverage ofS 96 per cent.
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