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.