The Karnataka Bank Limited
NSE Symbol KTKBANK
Karnataka Bank has declared its results for Q/e Dec 2010.
Interest on Advances has increased to Rs.432 cr – up by 8.96% from Q2 FY11 and up by 17.99% from Q3 of FY10.
Income on Investments is Rs.165 cr – down by 1.4% from Q2 FY11 and up by 2.2% from Q3 FY10.
Total Income is Rs.668 cr – up by 5.19% from Q2 FY11 and up by 13.33% from Q3 FY11.
Net Interest Income is Rs.161 cr – up by 16.05% from Q2 FY11 and up by 56.48% from Q3 FY2010.
Operating Profit is Rs.113 cr – up by 49.3% from Q2 FY11 and up by 61.89% from Q3 FY10.
Provisions is Rs.53.80 cr – compared to Rs.57.68 cr in Q2 FY11 and Rs.64.17 cr in Q3 FY 10.
% of Gross/Net NPA is down at 1.18 from 1.76 in Q3 FY 10.
Net Profit is Rs.39 cr – up by 34.37% from Q2 FY11 and up by 5.41% from Q3 FY 10.
C A R : is down slightly from previous qtrs and is now at 10.71.
Return on Assets is improving but is still slightly low at 0.54.
Basic EPS is Rs.2.88 – compared to Rs.3.01 in Q3 FY10.
Karnataka Bank is quoting at Rs.146. If annual EPS is around 11 to 12, the PE Ratio comes to around 12.7.
RESULTS TABLE :
| KNTK BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 43214 | 39662 | 38368 | 36766 | 36626 |
| DIF %1 | 432 | 8.96 | 12.63 | 17.54 | 17.99 |
| Income on Investments | 16465 | 16698 | 15988 | 15641 | 16110 |
| DIF %2 | 165 | -1.4 | 2.98 | 5.27 | 2.2 |
| Income on Balances With RBI | 11 | 11 | 27 | 7 | 2 |
| Others | 624 | 814 | 80 | 2001 | 24 |
| Interest Earned | 60314 | 57185 | 54463 | 54415 | 52762 |
| Other Income | 6531 | 6360 | 6867 | 6314 | 6219 |
| Total Income | 66845 | 63545 | 61330 | 60729 | 58981 |
| DIF %3 | 668 | 5.19 | 8.99 | 10.07 | 13.33 |
| Interest Expended | 44172 | 43275 | 42517 | 41364 | 42446 |
| NII | 16142 | 13910 | 11946 | 13051 | 10316 |
| DIF %4 | 161 | 16.05 | 35.12 | 23.68 | 56.48 |
| Employees Cost | 6779 | 7173 | 6842 | 4742 | 5533 |
| Other Operatng Expenses | 4610 | 5539 | 4418 | 5339 | 4032 |
| Operatng Expenses | 11389 | 12712 | 11260 | 10081 | 9565 |
| Operating Profit | 11284 | 7558 | 7553 | 9284 | 6970 |
| DIF %5 | 113 | 49.3 | 49.4 | 21.54 | 61.89 |
| Provisions | 5380 | 5768 | 1415 | -1583 | 6417 |
| Tax Expense | 2045 | -1082 | 1490 | 3457 | -3108 |
| Net Profit | 3859 | 2872 | 4648 | 7410 | 3661 |
| DIF %6 | 39 | 34.37 | -16.98 | -47.92 | 5.41 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 13442 | 13421 | 13403 | 13399 | 12185 |
| Dividend (%) | - | - | - | 40 | - |
| C A R | 10.71 | 11.41 | 12.01 | 11.85 | 12.33 |
| Basic EPS | 2.88 | 2.14 | 3.47 | 5.99 | 3.01 |
| Diluted EPS | 2.87 | 2.14 | 3.46 | 5.96 | 2.99 |
| % of Gross/Net NPA | 1.18 | 1.11 | 1.2 | 1.31 | 1.76 |
| Return on Assets | 0.54 | 0.2 | 0.68 | 0.28 | 0.14 |
| Public Shareholding (%) | 100 | 100 | 100 | 100 | 100 |
WHAT BANK SAYS :
Mangalore based premier Private Sector Bank, Karnataka Bank Ltd. has posted a net profit of Rs.113.79 crore for the NINE month period ended December, 2010, an increase of 22.33% when compared to the corresponding previous period.
On a year on year basis, the business turnover of the Bank has increased to Rs. 41,706 crore from Rs. 35,540 crore registering a growth of 17.35%.
Deposits increased to Rs. 25,424 crore from Rs. 22,307 crore, recording a growth of 13.97%.
Advances increased to Rs. 16,282 crore from Rs. 13,233 crore, registering a growth of 23.04%.
CASA deposits of the Bank registered increase and the same stood at 24.90% as compared to 21.96% as at 31st December, 2009.
On a year on year basis, Operating profit has increased to Rs.263.95 crore from Rs. 168 crore registering a growth of 57.11%.
The Net Interest income increased to Rs.419.96 crore from Rs.205.12 crore showing a growth of 104.74%.
The Net Interest Margin (annualized) increased to 2.00% from 1.12% compared to previous nine months period.
The Capital Adequacy Ratio as per Basel II as at December 2010 stood at 11.37%
Bank has projected a business turnover of Rs. 45, 000 crore for the current fiscal.
The Bank which has 466 branches and 237 ATMs at present is planning to have enhanced pan-India image with the addition of a few more branches in northern and eastern parts of India thereby taking the tally of branches to the projected number of 480 branches for the current fiscal.
As on date, all the branches have been networked under core banking solution covering 100% business. The Bank intends to upgrade its technology-driven offerings tailored to meet its clients’ varied demands and be at par with other leading private and public sector banks in the country. The Bank also proposes to introduce during the current financial year, facilities such as Online Trading, Travel Card, Gift Card, Smart Card, POS Terminal etc.
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