The Bank has posted a net profit of Rs. 4514.50 mn for the year as compared to Rs. 3110.30 mn for the year ended March 31, 2014.
Karnataka Bank has posted results for the fourth quarter ended 31st March, 2015. The bank posted a net profit of Rs. 1344.20 million for the quarter ended March 31, 2015 as compared to Rs. 812.10 mn.
Total Income has increased from Rs. 11725.80 mn for the quarter ended March 31, 2014 to Rs. 13080.40 million for the quarter ended March 31, 2015. The Bank has posted a net profit of Rs. 4514.50 mn for the year as compared to Rs. 3110.30 mn for the year ended March 31, 2014. Total Income has increased from Rs. 46944.10 million for the year to Rs. 52054.10 mn.
In an interview with CNBC TV18, throwing some light on the company's performance, P Jayarama Bhat, MD of Karnataka Bank, said that the net profit has increased by 65.50% quarter-on-quarter basis and by 45.16 percent year-on-year basis. There was an improvement in operating profit of about 112.39 percent QoQ and 12.57 percent on YoY basis.
Moreover, the gross non-performing assets has come down from 3.44 percent to 2.95 percent and the net NPA has come down from 2.41 percent to 1.95 percent on the quarterly basis. On the yearly basis, the gross NPA is less than 3 percent and net NPA is less than 2 percent.
Giving the sense of restructuring, he mentioned that the restructuring is around Rs. 2023 crore and out of that around 10% is NPA of Rs. 224 crore. Migration to NPA from the restructuring portfolio for whole year was around Rs. 83.48 crore. Further, the net interest margin stood at 2.36 percent versus 2.40 percent in FY14. The return on assets is at 0.91 percent and for the standalone quarter it was 1.05 percent.
Going forward, company believes that they were able to contain NPAs due to yearly recovery of Rs. 263 crore in the last quarter. Talking about the reason for negative provision, he said, "There was lesser NPA and provision for NPAs was just Rs. 11 crore. There is depreciation on investment as there was a positive effect of Rs 18 crore, which is why the provision was totally around Rs. 4.49 crore and including tax, it was Rs. 59.44 crore".
Lastly, the bank targets net NPA of less than 1% and gross NPA of less than 2.5%, along with more recoveries in the coming quarters.
Stock Price:
AT 11:40 AM the stock of the bank is trading at Rs. 134. The stock is trading up 1.59% from its previous close which was at Rs. 131.90. It hit a high at Rs. 136.30 and low at Rs. 131.90. The total traded quantity is 1.84 lakh and two-week average quantity is 1.86 lakh
Total Income has increased from Rs. 11725.80 mn for the quarter ended March 31, 2014 to Rs. 13080.40 million for the quarter ended March 31, 2015. The Bank has posted a net profit of Rs. 4514.50 mn for the year as compared to Rs. 3110.30 mn for the year ended March 31, 2014. Total Income has increased from Rs. 46944.10 million for the year to Rs. 52054.10 mn.
In an interview with CNBC TV18, throwing some light on the company's performance, P Jayarama Bhat, MD of Karnataka Bank, said that the net profit has increased by 65.50% quarter-on-quarter basis and by 45.16 percent year-on-year basis. There was an improvement in operating profit of about 112.39 percent QoQ and 12.57 percent on YoY basis.
Moreover, the gross non-performing assets has come down from 3.44 percent to 2.95 percent and the net NPA has come down from 2.41 percent to 1.95 percent on the quarterly basis. On the yearly basis, the gross NPA is less than 3 percent and net NPA is less than 2 percent.
Giving the sense of restructuring, he mentioned that the restructuring is around Rs. 2023 crore and out of that around 10% is NPA of Rs. 224 crore. Migration to NPA from the restructuring portfolio for whole year was around Rs. 83.48 crore. Further, the net interest margin stood at 2.36 percent versus 2.40 percent in FY14. The return on assets is at 0.91 percent and for the standalone quarter it was 1.05 percent.
Going forward, company believes that they were able to contain NPAs due to yearly recovery of Rs. 263 crore in the last quarter. Talking about the reason for negative provision, he said, "There was lesser NPA and provision for NPAs was just Rs. 11 crore. There is depreciation on investment as there was a positive effect of Rs 18 crore, which is why the provision was totally around Rs. 4.49 crore and including tax, it was Rs. 59.44 crore".
Lastly, the bank targets net NPA of less than 1% and gross NPA of less than 2.5%, along with more recoveries in the coming quarters.
Stock Price:
AT 11:40 AM the stock of the bank is trading at Rs. 134. The stock is trading up 1.59% from its previous close which was at Rs. 131.90. It hit a high at Rs. 136.30 and low at Rs. 131.90. The total traded quantity is 1.84 lakh and two-week average quantity is 1.86 lakh
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