Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Jul 11: Private sector Karnataka Bank Ltd with its head office in the city has achieved progress of 11.95 percent in the first quarter of the new year and earned net profit of Rs 196.38 crore, which is in itself a new record. During this period last year, the bank had recorded profit of Rs 175.42 crore.

The financial reports relating to the first quarter of the financial year 2020 - 21 were approved under the leadership of bank's managing director Mahabaleshwara M S, at the meeting of the board of directors through WebEx conferencing facility on Friday July 10.

The bank's operating profit this time reached Rs 677.04 crore as compared to Rs 350.01 crore recorded last year, with a year-to -year leap of 93.43 percent. Net interest income of the bank this year registered an increase at the rate of 8.19 percent and reached Rs 535.12 crore. Total turnover of the bank has touched the figure of Rs 1,26,063.48 crore, with year-to-year growth of 3.89 percent. The ratio of advances to deposits has improved to 75.44 percent.

Expressing happiness at the result of the first quarter of the new year, bank's managing director and chief executive officer, Mahabaleshwara M S, said that like the entire world, coronavirus infection has affected the bank too and said that he is very happy that the bank could successfully manage the situation and register a record profit. He said that this is a memorable achievement in the bank's history and that this could be possible due to the bank management's foresight and regulation of unnecessary expenditure, excellent treasury management, improved interest income and good growth in the income out of interest spread.