Karnataka Bank net doubles to Rs 91 crore

Mangalore: The private sector Karnataka Bank has registered a 100.68-per cent increase in net profit for the financial year 2001-02. The net profit now stands at Rs 91.13 crore as against the corresponding Rs 45.41 crore the previous year.

The banks board of directors has taken on record the financial results for the year 2001-02 at its meeting held here last week. During the year, the bank witnessed a 32.41-per cent increase in total income to Rs 984.26 crore from the previous years Rs 743.37 crore.

The banks deposits stood at Rs 7,001.48 crore, registering a growth of 15.24 per cent from Rs 6,075.50 as on 31 March 2001. Advances grew at the rate of 20.84 per cent to reach Rs 5,417.54 crore. Investments also increased by 24.40 per cent to reach Rs 3,467.15 crore from Rs 2,787.01 crore. The banks capital adequacy ratio moved up to 12.96 per cent as on 31 March 2002, against 11.37 per cent in the previous year.

The bank has made adequate provisions for standard advances, non-performing assets, depreciation on investments and other usual and necessary requirements as per Reserve Bank of India guidelines. Provision for gratuity and pension, among other things, has been made on an estimated basis.