Mangalore-based private sector lender posted a 29.16 per cent increase in net profit to Rs 121.63 crore for the quarter ended June 30, compared with Rs 94 crore in the corresponding quarter of the last year.
In an interview to CNBC-TV18, P Jayarama Bhat, MD of Karnataka Bank said the bank managed to curtail NPAs in retail advances. Mangalore-based private sector lender posted a 29.16 per cent increase in net profit to Rs 121.63 crore for the quarter ended June 30, compared with Rs 94 crore in the corresponding quarter of the last year.
The total income of the lender increased just four per cent to Rs 1,254 crore, compared with Rs 1,203 crore in the corresponding quarter of last year.
The percentage of gross non performing assets (NPAs) has climbed to 3.43 per cent from 3.22 per cent a year ago and net non performing assets percentage has increased to 2.37 per cent from 1.96 per cent in the same quarter last fiscal. Bhat said one or two restructured accounts worth Rs 80 crore slipped into NPAs in Q1.
Going forward, he expects full year margins at 2.8 percent. The bank managed to recover Rs 102 crore in Q1, compared to Rs 24 crore same period last year. "We are targeting Rs 300 crore in recoveries for the full year," he told the channel.
Below is the transcript of Bhat's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy.
Latha: Let me first go to the number, which would have troubled observers most, it is the non-performing loans (NPL) number. Quarter-on-quarter (Q-o-Q) it has gone up by about 20 percent. Can you tell us whether it was one big account; what are the details?
A: The gross non-performing assets (NPA) has moved up from 3.22 to 3.43 percent and these are few sector-wise; one, in cement sector and two-three in steel sector. Otherwise, in retail advances, we have curtailed our NPAs and going forward further stick onto my guidance of 2.5 percent gross by March 2015, which is achievable because lot of assets are in the recovery stage. In fact, in the first quarter we did not go for any asset sales and thinking that we can realize more amount than rather selling -- so we have not gone for that, that is why the NPA level is at around 3.43 percent.
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