Karnataka Bank Q4 result, profit up 30% at Rs138 crore

Private sector Karnataka Bank Ltd has reported a rise of about 30% in net profit at Rs138.37 crore for the last quarter ended March. It had posted a net profit of Rs106.79 crore during corresponding period of fiscal 2016.

Total income during March quarter rose to Rs1,606.19 crore from Rs1,447.68 crore in the year-ago period, the bank said in a regulatory filing. For full fiscal ended March 2017, bank’s net profit increased to Rs452.56 crore, up 9%, from Rs415.29 crore in 2015-16.

Income in the entire fiscal rose to Rs5,994.74 crore, from Rs5,535.07 crore. On asset front, net non-performing assets (NPAs) were 2.64% of the net advances at the end of March 2017, slightly up from 2.35% year ago.

Gross NPAs or bad loans rose to 4.21% as a percentage of gross advances made by the end of fiscal, from 3.44% year ago. Due to a restricted level of bank’s bad assets, there was only a small rise in provisioning and contingencies allocation to Rs160.40 crore for the quarter, against Rs112.50 crore year ago. Board of the bank has declared a dividend of Rs4 per share for 2016-17, Karnataka Bank said.