Date:30/07/2004 URL: http://www.thehindubusinessline.com/2004/07/30/stories/2004073002300800.htm

Back Karnataka Bank Q1 net up 12 pc; to pay Rs 4

Our Bureau

Mangalore , July 29

KARNATAKA Bank Ltd has posted a net profit of Rs 38.73 crore for the first quarter of the current fiscal compared to Rs 34.74 crore during the corresponding previous period, registering a growth of 11.5 per cent.

A bank release said on Thursday that the operating profit went up from Rs 112.90 crore to Rs 117.23 crore during the quarter under review.

At the end of June, capital adequacy ratio of the bank rose to 14.38 per cent compared to 13.03 per cent at the end of March this year.

The bank is targeting a business turnover of Rs 17,000 crore during the current year, including Rs 11,000 crore of deposits. It also plans to open 20 branches in select metro and urban centres and two asset recovery branches in Mumbai and Chennai.

The release also said that the bank declared 40 per cent dividend for 2003-04 at the AGM on Thursday.