Karnataka Bank earmarks Rs 6,120 crore to agriculture sector during current year

Mangaluru headquartered, Karnataka Bank has earmarked Rs 6,120 crore to agriculture sector during the current year. The bank inaugurated the Agri. Business Conference at Mangaluru on August 03, 2016 addressing the Agriculture Field Officers, Branch Heads of Agri. Development Branches, Green Branches and the Regional Heads from across India.

The bank aims to achieve export credit target of Rs 2,490 crore during the current financial year. With the good onset of monsoon and other positive macro economic conditions, the business opportunities have turned bright which will turnaround the scenario in forex business also.

The bank has reported 11.16% rise in its net profit at Rs 121.54 crore for the first quarter ended June 30, 2016 as compared to Rs 109.34 crore for the same quarter in the previous year. Total income of the bank increased by 6.44% at Rs 1434.96 crore for quarter under review as compared to Rs 1348.17 crore for the quarter ended June 30, 2015.

The bank’s gross NPA for the April-June quarter of the current fiscal increased to 3.92%, as compared to 3.26% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 2.61% in Q1FY17.