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Karnataka Bank net up

Staff Reporter

MANGALORE: Karnataka Bank has posted a net profit of Rs. 59.61 crore for the second quarter ended September 30, 2006, as compared to Rs. 41.81 crore in the same period last year, registering an increase of 43 per cent. The net profit for the half-year ended September 2006 was Rs. 96.39 crore (Rs. 83.50 crore), a growth of 15 per cent.

Gross income up 18 p.c.

Gross income for the half-year rose from Rs. 573.63 crore to Rs. 674.64 crore, a rise of 18 per cent. The operating surplus for the above period increased from Rs. 153.25 crore to Rs. 162.25 crore. Net interest income increased from Rs. 167.13 crore as on September 2005 to Rs. 185.96 crore as on September 2006, according to a bank release.

The capital adequacy ratio as on September 2006 stood at 12.25 per cent, which is well above the Reserve Bank of India stipulated limit of nine per cent. The bank, which is eying a business turnover of Rs. 25,000 crore for the current fiscal, plans to double its business in three years. The total business as on September 2006 was Rs. 21,129 crore.

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