Daijiworld Media Network - Mangaluru (SP)

Mangaluru, May 21: Private sector Karnataka Bank Ltd, which has its headquarters in the city, has registered appreciable performance by earning net profit of Rs 415.29 crore during the financial year 2015-16. The bank proposes to declare dividend of 50 percent to its shareholders.

The gross earnings of the bank rose to Rs 5,535 crore this time as against Rs 5,205.41 crore registered last year. Operating profit of the bank too went up smartly by 10.49 percent to Rs 854.53 crore as against 773.38 crore the previous year. Interest income of the bank also reached the figure of Rs 1,302.87 crore with an annual growth of Rs 11.47 percent.

Total turnover of the bank reached Rs 84,391 crore. Deposit grew by 9.74 percent to reach Rs 50,488 crore while advances went up to Rs 33,902 crore from previous year's Rs 31,680 crore. The bank plans to reach a total turnover of one lac crore rupees in the current fiscal with a growth rate of 18.5 percent.

A meeting of the board of directors of the bank was held here on Friday May 20 where the financial reports were approved.

The bank's performance is heartening, considering that a number of bigger banks have gone into the red this year. The bank's managing director and chief executive officer, P Jayaram Bhat, expressed happiness at the bank's performance under profit and controlling of non-performing assets. He said that the bank has been recording strong results year after year, symbolizing the stability of the bank. He predicted a strong financial growth for the bank in the coming years.