Karnataka - Mangalore   

Karnataka Bank posts Rs. 114 cr. profit

MANGALORE: Karnataka Bank has posted a net profit of Rs.113.79 crore for the nine months ended December 31, 2010, an increase of 22.33 per cent when compared with the corresponding period last year, says a release.

On a year-on-year basis, the bank's business turnover has increased to Rs. 41,706 crore from Rs. 35,540 crore, a 17.35 per cent growth. Operating profit increased to Rs.263.95 crore from Rs. 168 crore, a 57.11 per cent growth on a year-on-year basis. Net interest income increased to Rs. 419.96 crore from Rs. 205.12 crore.

The net interest margin increased to 2 per cent from 1.12 per cent.

The bank has projected a business turnover of Rs. 45,000 crore for the current fiscal. It currently has 466 branches and 237 ATMs. It plans to add a few more branches in northern and eastern parts of India to reach the projected 480 branches in the current fiscal.

Deposits

Deposits increased to Rs. 25,424 crore from Rs. 22,307 crore and advances to Rs. 16,282 crore from Rs. 13,233 crore.

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