Karnataka Bank posts 61% jump in Q3 profit

Mangaluru-headquartered private sector bank Karnataka Bank has reported Rs 140 crore in net profit for the quarter ended December, posting a robust 61% year-on-year growth. The bank has, for April-December period, reported a net profit of Rs 416 crore, registering a growth of 32% for the same period in the previous year.

The bank has also lowered its gross NPA to 4.45% in Oct-December quarter from 4.66% in the previous quarter. The net NPA remains at 3%, the bank said in a press release.

The bank's business turnover touched Rs 1.17 lakh crore as on December end, clocking a year-on-year growth of 14.67%. The advances grew at a higher pace at 17% year-on-year, compared to deposits which showed a year-on-year growth of 13%.

In his statement, Bank's MD & CEO M.S.Mahabaleshwara said: “The Q3 results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward”.

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Karnataka Bank Recruitment for Officer Scale-I (PO) 2018

Karnataka Bank has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Officer Scale-I (PO)

Educational Qualification: Candidates should be Post Graduates in any discipline (Excluding PG Diplomas) or Graduates in Agricultural Sciences or Law as on 01st of December 2018. Those who are awaiting results shall not be eligible to apply.

Age Limit: Minimum 21 years to Maximum 28 years [Candidate must have been born not earlier than 02-12-1990 and not later than 01-12-1997 (both days inclusive)] as on 01-12-2018. The age limit will be relaxed by 5 years for SC/ST candidates.

Important Dates:

Starting Date of Online Application: 24-12-2018

Last Date to Apply Online & Edit Application: 02-01-2019

Last date for printing your application: 17th of January 2019

Online Fee Payment: 24th of December 2018 to 02nd of January 2019

How to Apply: Interested Candidates may Apply Online Through official Website.

Apply Online: Click Here

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Karnataka Bank Q2 net profit up 20%

Private sector Karnataka Bank has reported a rise of 20 per cent in its net profit at Rs 111.86 crore in the second quarter ended September 2018 on healthy interest income and lower provision for bad assets. The bank had reported a net profit of Rs 93.38 crore in the corresponding July-September quarter of 2017-18.

Total income of the bank increased to Rs 1,653.81 crore in the second quarter of 2018-19, from Rs 1,565.75 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.

Bank's earnings from interest moved up to Rs 1,452.61 crore during the September quarter as against Rs 1,317.93 crore in the year-ago period. The provisioning for bad loans and contingencies for the quarter came down to Rs 193.22 crore as against Rs 225.98 crore.

On asset quality, the net non-performing assets (NPAs) came down to 3 per cent of the net advances by the end of September 30, 2018, as against 3.04 per cent in the same period a year earlier.

In value terms, net NPAs stood at Rs 1,497.68 crore as on September 30, 2018, as against Rs 1,246.81 crore as at end-September 2017.

Gross NPA ratio rose to 4.66 per cent (Rs 2,371.62 crore) against 4.13 per cent (Rs 1,715.70 crore). Provision coverage ratio as at September 30, 2018 stood at 57.49 per cent (46.94 per cent at September 2017).

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Karnataka Bank posts highest ever quarterly profit in Q1

Private sector lender Karnataka Bank has reported highest ever quarterly profit at Rs 163.2 crore, a growth of 22 percent over Rs 133.85 crore recorded in same period last year. The growth was driven by the improvement in asset quality, higher net interest income and operating income.

Net interest income, the difference between interest earned and interest expended, grew by 10.4 percent year-on-year to Rs 468.6 crore for the quarter ended June.

"Highest ever quarterly profit, historically high CD ratio, reduction in slippages, moderating NPAs, improved NIM & NII etc., are clear indications of robustness of future growth prospects of the bank," Mahabaleshwara M S, Managing Director & CEO said.

The deposits of the bank increased 11.56 percent year-on-year to Rs 62,725 crore while advances growth was 24.28 percent at Rs 47,731 crore in Q1. On the asset quality front, gross non-performing assets (NPA) were lower at 4.72 percent (against 4.92 percent QoQ) and net NPA also declined at 2.92 percent (compared to 2.96 percent QoQ) in Q1FY18.

Provisions for bad loans in Q1 increased 11.55 percent to Rs 222 crore compared to Rs 199 crore reported in same period last year, but fell sharply by 59 percent quarter-on-quarter.

Provision coverage ratio improved to 57.21 percent for the quarter ended June, from 41.1 percent in March quarter.Operating profit during the quarter grew by 19.11 percent to Rs 368.88 crore while other income fell 3.95 percent to Rs 208.80 crore compared to year-ago.

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Karnataka Bank Q4 profit down 92%

Karnataka Bank on Tuesday reported a 92% slump in net profit at Rs11 crore for the March quarter due to multi-fold jump in provisioning for bad assets.

During the same quarter of 2017, the bank had made a net profit of Rs138.37 crore.

The bank’s provisioning for bad loans and contingencies was hiked over three-times to Rs541.75 crore during March quarter as against Rs160.40 crore in the year-ago period, Karnataka Bank said in a BSE filing.

Income during the quarter increased to Rs1,737.55 crore as against Rs1,606.19 crore earlier.

For the full fiscal 2017-18, the bank said its net profit fell to Rs325.61 crore as against Rs452.26 crore. Income during the year was up at Rs6,378.09 crore from Rs5,994.74 crore.

Provisioning amount for the full year more than doubled at Rs1,163.01 crore against Rs527.85 crore in the preceding year.

Asset-wise, gross non-performing assets (NPAs) rose to 4.92% of the gross advances by the end of March 2018 from 4.21% a year ago. In absolute value, gross NPAs were Rs2,376.07 crore as against Rs1,581.59 crore. Net NPAs also increased to 2.96% (Rs1,400.51 crore) compared with 2.64% (Rs974.73 crore).

Karnataka Bank board has recommended dividend of Rs3 per share for the year ended 31 March. The provision coverage ratio as at end-March 2018 stood at 54.56% (54% as on 31 March 2017).

On the divergence in asset classification and provisioning for NPAs for 2016-17, the lender showed a gap of Rs1,115.10 crore in terms of gross NPAs. For net NPAs, the divergence came in at Rs667.86 crore. Thus, the divergence in NPA provisioning for the fiscal stood at Rs472.50 crore.

The divergence with respect to bad loans, calculated on the basis of of figure reported by the bank and that assessed by the central bank, led to an adjusted net loss of Rs95 crore for 2016-17.

Otherwise, the bank had reported a net profit of Rs452.26 crore for that financial year.

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Karnataka Bank Recruitment for various post 2018

Karnataka Bank, a leading technologically advanced Private sector Bank with a pan-India footprint, is inviting applications for filling up the posts of Probationary Officers (Scale I) to be positioned at its Branches / Offices located across India. Last date for receipt of applications is 20th March 2018. Check below for more details.

Posts: Probationary Officers (Scale I)

Educational Qualification: 

• Agricultural Field Officers (AFOs)
• Graduates/Post-Graduates in Agricultural Science, Horticulture & Agricultural Marketing from UGC recognized universities. Those who are awaiting results of degree examination/pursuing degree are not eligible to apply.
• Chartered Accountants
• First Class Graduates (from UGC recognized universities) with CA. Those who have completed  Inter & pursuing CA may also apply.
• Law Officers
• First Class Law Graduates (from UGC recognized universities) with minimum 3 years’ experience (Practice) in handling court cases.
• Relationship Managers
• First Class Graduates with MBA-Marketing (under regular stream) from UGC recognized universities. Those who are awaiting results of the examination/pursuing PG are not eligible to apply.

Age Limit: Maximum 28 years (Born on or after 01-01-1990) The age limit will be relaxed by 5 years for SC/ST candidates.

Selection Process: Candidates will be selected based on an interview.

How to Apply: Applications, neatly written or typed on A4 size paper, in accordance with the specified proforma (made available on Bank’s website) along with Bio-data/CV should be sent to “The Deputy General Manager (HR & IR), Karnataka Bank Limited, Head Office, Mahaveera Circle, Kankanady, Beangaluru - 575002” superscribing the envelope with “Application for the Post of ______________________”.

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Application Form: Click Here

Last Date: 20-03-2018

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Karnataka Bank Q3 net profit up 27.5%

Private sector lender Karnataka Bank has reported a whopping 27.6 percent growth in profit for quarter ended December 2017, with improving asset quality. The growth was driven by net interest income, operating income and other income.

Profit during the quarter increased to Rs 87.4 crore, up from Rs 68.5 crore in year-ago, the bank said in its filing.

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Karnataka Bank Q2 net profit down 25%

Karnataka Bank Ltd on Friday said its second-quarter net profit fell 24.58% on the back of higher provisioning. Net profit fell to Rs93.38 crore for the three months ended 30 September from Rs123.82 crore in the same quarter last year.

Profit was lower than the Rs131 crore estimated by a Bloomberg poll of two analysts.

Despite this, the bank increased provisions during the quarter to Rs225.98 crore as against Rs130.55 crore in the year-ago quarter. In the April-June quarter, the bank had set aside Rs198.88 crore in provisions.

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