KARNATAKA BANK = Q2 FY 2011 = RESULTS = QUARTER ENDING SEP,2010

The Karnataka Bank Limited

NSE Symbol   KTKBANK

Karnataka bank  has announced its Results for Q2 FY2011.

Interest on Advances/Bills has increased by 3.37% to Rs.396.62cr compared to previous qtr and by 22.69% compared to corresponding qtr of last year.

Total Interest Earned has increased by 5% to Rs.571.85 cr compared to previous qtr and  by 15.67% compared to corresponding Qtr of last year.

Total Income has gone up by 3.61 from last Qtr to Rs.635.45 cr and by 15.98% from corresponding Qtr of last year.

Interest Expended is Rs.432.75 cr – up by 1.78% from last Qtr byt has actually fallen by 1.41% compared to corresponding Qtr of last year – reflecting improving Interest margins.

Provisions  is Rs.57.68 cr – compared to just Rs.14.15 cr in previous qtr ( up by 307.63%) and compared to just rs.5.24 cr in corresponding qtr of last year (Up by 1000.76%).

Net Profit at Rs.28.72 cr is lower by 38.21% from previous Qtr (Rs.46.48 cr)  - but higher by 75.66% from corresponding qtr of last year (Rs.16.35 cr).

Capital Adequacy Ratio is 11.41 compared to 12.01 in previous Qtr and 12.55 in corresponding Qtr.

Basic EPS  at Rs. 2.14 is lower compared to previous qtr (Rs.3.47) but higher compared to corresponding qtr (Rs.1.34).

% of Gross/Net NPA is 1.11 compared to 1.2 in previous qtr and 1.34 in corresponding qtr.

Return on Assets is a mere 0.2 compared to 0.68 in previous qtr and 0.07 in corresponding Qtr.

While the Bank is improving its performance quarter on quarter, its NPAs  position and return on assets need improvement.

Its current Market price is Rs.182.50.

Kntk Bank	30-Sep-10	30-Jun-10	Dif%1	30-Sep-09	Dif%2
Interest on Advances/Bills	39662	38368	3.37	32327	22.69
Income on Investments	16698	15988	4.44	17095	-2.32
Income on Balances With RBI	11	27	-59.26	13	-15.38
Others	814	80	917.5	2	40600
Interest Earned	57185	54463	5	49437	15.67
Other Income	6360	6867	-7.38	5354	18.79
Total Income	63545	61330	3.61	54791	15.98
Interest Expended	43275	42517	1.78	43895	-1.41
Employees Cost	7173	6842	4.84	5308	35.14
Other Opertng Expenses	5539	4418	25.37	4926	12.44
Operatg Expenses	12712	11260	12.9	10234	24.21
Operating Profit	7558	7553	0.07	662	1041.69
Provisions	5768	1415	307.63	524	1000.76
Profit before tax	1790	6138	-70.84	138	1197.1
Tax Expense	-1082	1490	-172.6	-1497	-27.72
Net Profit After Tax	2872	4648	-38.21	1635	75.66
Net Profit	2872	4648	-38.21	1635	75.66
Face Value .Rs.	10	10	0	10	0
Paid-up Equity	13421	13403	0.13	12162	10.35
Dividend (%)	-	-		-
Capital Adequacy Ratio	11.41	12.01	-5	12.55	-9.08
Basic EPS	2.14	3.47	-38.33	1.34	59.7
Gross/Net NPA	17274	17233	0.24	16705	3.41
% of Gross/Net NPA	1.11	1.2	-7.5	1.34	-17.16
Return on Assets	0.2	0.68	-70.59	0.07	185.71
Public Shareholding (%)	100	100	0	100	0

ANNOUNCEMENTS

TO THE EXCHANGE

15-10-2010        The Karnataka Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 57184 lacs for the quarter ending on 30-SEP-2010 against Rs. 49437 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 43275 lacs for the quarter ending on 30-SEP-2010 against Rs. 43895 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 2872 lacs for the quarter ending on 30-SEP-2010 against Rs. 1635 lacs for the quarter ending on 30-SEP-2009.    -

13-09-2010        The Karnataka Bank Limited has informed the Exchange that the members of the Bank at the Extra-Ordinary General Meeting held on September 09, 2010 have accorded their consent for the issue of equity shares on Rights basis in the ratio of 2 (TWO) equity shares for every 5 (FIVE) shares held on the record date to be fixed in due course at a price not exceeding Rs. 100 per share, subject to necessary approvals.      -

30-07-2010        The Karnataka Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 54463 lacs for the quarter ending on 30-JUN-2010 against Rs. 47728 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 42517 lacs for the quarter ending on 30-JUN-2010 against Rs. 43074 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 4648 lacs for the quarter ending on 30-JUN-2010 against Rs. 4006 lacs for the quarter ending on 30-JUN-2009.    -

30-06-2010        The Karnataka Bank Limited has informed the Exchange regarding a press release dated June 30, 2010, that "According to the Reserve Bank of India directive, banks have to follow the new base rate system-which replaces the benchmark prime lending rate from July 01, 2010. In line with the above, Karnataka Bank Limited has set Base Rate at 8.75%".   -

17-05-2010        The Karnataka Bank Limited has informed the Exchange that the Board of Directors at its Meeting held on May 17, 2010 has recommended dividend @ Rs. 4/- per share for the year ended March 31, 2010.       -

17-05-2010        The Karnataka Bank Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 204342 lacs for the year ending on 31-MAR-2010 against Rs. 191740 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 170779 lacs for the year ending on 31-MAR-2010 against Rs. 144383 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 16712 lacs for the year ending on 31-MAR-2010 against Rs. 26670 lacs for the year ending on 31-MAR-2009.      -

17-05-2010        The Karnataka Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 54415 lacs for the quarter ending on 31-MAR-2010 against Rs. 49825 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 41364 lacs for the quarter ending on 31-MAR-2010 against Rs. 41648 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 7410 lacs for the quarter ending on 31-MAR-2010 against Rs. 8314 lacs for the quarter ending on 31-MAR-2009.

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