Daijiworld Media Network -Mangalore
Mangalore, July 27: Mangalore-based private sector Karnataka Bank Limited recorded an operating profit of Rs 115.92 crore and a net profit of Rs.20.70 crore for the quarter ending June 2008.
On a year-on-year basis, deposits grew by 22.05 per cent to reach Rs 17,362 crore from Rs 14,225 crore. Advances grew by 14.88 per cent to touch Rs 10,820 crore from Rs 9,419 crore.
The capital adequacy ratio of the Bank stood at 11.98 per cent, which is above the RBI prescription of nine per cent.
The Bank has inked a pact with Indiaideas.com (Billdesk) for the payment gateway services under internet banking. Further, the bank has also tied up with the ICICI Prudential Asset Management Company Limited for distribution of their mutual fund products.