Karnataka Bank Ltd. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Plans to Increase Number of Branches; Provides Turnover Guidance for Fiscal 2012-2013
January 23, 2013 at 08:32 am
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Karnataka Bank Ltd. reported unaudited earnings results for the third quarter and nine months ended December 31, 2012. For the quarter, the company reported total income of INR 10,505.8 million against INR 8,827.2 million a year ago. Operating profit before provisions and contingencies was INR 1,540.4 million against INR 1,040.7 million a year ago. Profit from ordinary activities before tax was INR 1,169.9 million against INR 656.8 million a year ago. Net profit was INR 800.7 million or INR 4.25 diluted earnings per share against INR 720.5 million or INR 3.82 diluted earnings per share a year ago.
For nine months, total income of INR 30,716.1 million against INR 24,919.4 million a year ago. Operating profit before provisions and contingencies was INR 4,817.4 million against INR 3,278.6 million a year ago. Profit from ordinary activities before tax was INR 3,648.8 million against INR 1,819.6 million a year ago. Net profit was INR 2,806.9 million or INR 14.89 diluted earnings per share against INR 1,629.1 million or INR 8.64 diluted earnings per share a year ago. The book value per share increased from INR 137.71 to INR 152.88.
The bank is planning to increase the number of service outlets to 1,000 by increasing the number of branches to 550 and ATMs to 450 by the year end. Against this, the bank has already opened 15 branches and 100 ATMs and as a result, at present bank has 518 branches and 447 ATMs. The process of opening remaining branches and ATMs is on the way. The bank has plans to open about 15 financial inclusion branches and 28 ultra small branches during the current year, in line with its financial inclusion agenda.
The bank is eyeing business turnover of INR 650,000 million for fiscal year 2012-2013.
The Karnataka Bank Limited is an India-based banking company, which is engaged in providing a range of banking and financial services, including retail, corporate banking, and para-banking activities in addition to treasury and foreign exchange business. It operates through four segments: Treasury, Corporate Banking, Retail Banking and Other Banking Operations. Its products and services include Personal, Business, Agriculture, NRI Priority Banking, Digital Banking, Payments. It offers personal banking services that include savings accounts, cards, loans, insurance, investment other services and other products. Its loan portfolio includes housing loan, vehicle loans, personal loan, loan against property, education loan, gold loan and other loans. It offers business banking services, such as working capital finance, term loans and business finance products. In addition, it offers Life Insurance, General Insurance, Mutual Funds, Demat Account, Trading Account, Co-branded Credit Cards.
Karnataka Bank Ltd. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2012; Plans to Increase Number of Branches; Provides Turnover Guidance for Fiscal 2012-2013