Karnataka Bank, one of the leading private sector banks of India, has emphasized effective Concurrent Audit system in the bank to ensure compliance with KYC/AML norms, prevention of frauds, detection of income leakage etc.
The bank has reported 10.10% fall in its net profit after tax at Rs 109.34 crore for first quarter ended June 30, 2015 as compared to Rs 121.63 crore for the same quarter in the previous year. However, total income of the bank has increased by 7.49% at Rs 1348.17 crore for quarter under review as compared to Rs 1254.24 crore for the quarter ended June 30, 2014.
The bank’s gross NPA for the April-June quarter of the current fiscal improved to 3.26%, as compared to 3.43% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 2.05% in Q1FY16.
