Karnataka Bank Ltd. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2013
January 24, 2014 at 08:12 am EST
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Karnataka Bank Ltd. announced unaudited earnings results for the third quarter and nine months ended December 31, 2013. For the quarter, the company reported interest earned of INR 10,676.9 million compared to INR 9,643.4 million a year ago. Total income was INR 11,655.4 million compared to INR 10,505.8 million a year ago. Operating profit before provisions and contingencies was INR 1,687.5 million compared to INR 1,540.4 million a year ago. Profit from ordinary activities before tax was INR 1,283.4 million compared to INR 1,169.9 million a year ago. Net profit for the period was INR 1,067.0 million compared to INR 800.7 million a year ago. Basic and diluted EPS before and after extraordinary items was INR 5.66 compared to INR 4.25 a year ago. Return on assets was 0.96% compared to 0.81% a year ago.
For the nine months, the company reported interest earned of INR 31,302.3 million compared to INR 28,031.5 million a year ago. Total income was INR 35,218.3 million compared to INR 30,716.1 million a year ago. Operating profit before provisions and contingencies was INR 5,979.0 million compared to INR 4,817.4 million a year ago. Profit from ordinary activities before tax was INR 3,578.9 million compared to INR 3,648.8 million a year ago. Net profit for the period was INR 2,298.2 million compared to INR 2,806.9 million a year ago. Diluted EPS before and after extraordinary items was INR 12.19 compared to INR 14.89 a year ago. Return on assets was 0.71% compared to 0.97% 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.