Karnataka Bank on Friday reported a net profit of Rs. 415.29 crore and proposed a dividend of 50 per cent for the Financial Year 2015-16.
The gross income for the year has increased from Rs. 5,205.41 crore to Rs. 5,535.07 crore, recording an annual growth of 6.33 per cent. The operating profit has increased from Rs. 773.38 crore to Rs. 854.53 crore, showing a growth of 10.49 per cent, said a release here.
The Net Interest Income has increased by 11.47 per cent on year-on-year basis to Rs. 1,302.87 crore from Rs. 1,168.85 crore. The net profit for the fourth quarter ended March 31, 2016 was Rs. 106.79 crore when compared to the net profit of Rs. 134.42 crore for the corresponding period the previous year.
ADVERTISEMENT
The Board of Directors of the bank which met at Mangaluru on Friday, approved the audited financial statements for the financial year 2016.
The business turnover of the bank has touched Rs. 84,391 crore as on March 31, registering a growth of 8.63 per cent on year-on-year basis. Deposits grew from Rs. 46,009 crore to Rs. 50,488 crore, a growth of 9.74 per cent, and advances grew from Rs. 31,680 crore to Rs. 33,902 crore (7.02 per cent).
The Gross NPAs decreased to 3.44 per cent as at the end of Q4 of FY 2015-16 compared to 3.56 per cent as at the end of Q3 of FY 2015-16. Similarly, the Net NPA decreased to 2.35 per cent as at the end of Q4 of FY 2015-16 compared to 2.41 per cent as at the end of Q3 of FY 2015-16.
ADVERTISEMENT
As on March 31, the bank has 725 branches and 1,275 ATMs, with 50 e-lobbies/mini e-lobbies. It has plans to open 40 new branches and 225 new ATMs by March 2017 with 100 new e-lobbies/mini e-lobbies, thus aiming for 2,265 service outlets, said Bank Managing Director and CEO P. Jayarama Bhat.