Daijiworld Media Network - Mangalore (SP)

Mangalore, May 26: For the year-ended March 31, 2009, Karnataka Bank Ltd has posted a net profit of Rs 266.70 crore, which is 10.33% higher as compared to the earlier year.  For the previous year ending March 31, 2008, the Bank had earned a net profit of Rs 241.74 crore.

Compared to the last year's dividend of 50%, the board of directors of the Bank has proposed to declare a dividend of 60% this year.

The Bank has achieved a total turn over of Rs 32,143 crore, a growth of 15.38% over and above the previous year. Operating profit has gone up to Rs 480.21 crore from 390.60 crore. Non-performing assets has been pegged at 0.98% and the capital adequacy ratio is 13.48.

The Bank added 16 new branches during the year, taking the total network of branches to 447 and all these branches have been covered under Core Banking System.  It wants to increase the number of branches to 475 in the current year and targets to reach a total turn over of Rs 39,000 crore by the end of March next year.