Karnataka Bank Ltd. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016
January 23, 2017 at 06:23 pm IST
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Karnataka Bank Ltd. reported unaudited earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported interest earned of INR 13,239.3 million compared to INR 12,371.1 million a year ago. Total income was INR 14,575.2 million compared to INR 13,698.3 million a year ago. Profit from ordinary activities before tax was INR 712.6 million compared to INR 1,285.7 million a year ago. Net profit was INR 685.2 million or INR 3.22 per diluted share compared to INR 969.1 million or INR 5.14 per diluted share a year ago. Operating profit was INR 1,718.6 million compared to INR 1,919.68 million a year ago. Net interest income was INR 3,765.2 million compared to INR 3,049.3 million a year ago. Return on assets was 0.44% compared to 0.70% a year ago.
For nine months, the company reported interest earned of INR 38,909.0 million compared to INR 37,145.4 million a year ago. Total income was INR 43,885.5 million compared to INR 40,873.9 million a year ago. Profit from ordinary activities before tax was INR 2,990.8 million compared to INR 3,861.3 million a year ago. Net profit was INR 3,138.9 million or INR 15.96 per diluted share compared to INR 3,080.50 million or INR 16.37 per diluted share a year ago. Operating profit was INR 6,665.3 million compared to INR 6,001.6 million a year ago. Net interest income was INR 11,384.5 million compared to INR 9,431.4 million a year ago. Return on assets was 0.7% compared to 0.76% a year ago.
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.