Mangaluru | Karnataka Bank Q3 net rises 10 pc to Rs 135 crore

News Network
January 12, 2021

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Mangaluru, Jan 12: Karnataka Bank on Tuesday posted a net profit of Rs 135 crore for the third quarter of the current financial year, marking a growth rate of 9.93 per cent as against Rs 123 crore during the corresponding quarter of the previous year.

For the nine months period ended December 2020, the bank posted a net profit of Rs 451 crore as against Rs 404 crore for the corresponding period of last year with a year-on-year growth rate of 11.53 per cent.

The operating profit during Q3 of current financial year was at Rs 438 crore. For the nine months period, operating profit stood at Rs 1,615 crore as against Rs 1,265 crore for the corresponding period of previous year with a growth of 27.67 per cent.

The lender clocked a business turnover of Rs 1.27 lakh crore as on December 31 with deposits of Rs 73,826 crore and advances of Rs 53,187 crore. Retail and mid-corporate advances showed a growth of 9.75 per cent.

Gross non-performing assets (NPAs) moderated to 3.16 per cent as on December 31 from 4.99 per cent last year. Similarly, net NPA also came down to 1.74 per cent from 3.75 per cent.

Managing Director & CEO M S Mahabaleshwara said the strong numbers of Q3 depict resilience of Karnataka Bank in spite of Covid-19 pandemic.

"Our efforts to realign the asset portfolio towards retail and mid-corporate advances is paying desired result as they have grown at the rate of 9.75 per cent year-on-year," he said in a statement.

Mahabaleshwara said cost efficiency measures have also yielded positive result as the overall cost declined by 2.35 per cent.

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News Network
January 18,2021

Ballari, Jan 18: A middle aged man lost his life after covid-19 vaccination on Monday at Ballari in Karnataka, Health Ministry said on Monday. Post-mortem being carried out at Vijayanagar Institute of Medical Sciences in Karnataka.

As per latest information, the deceased was comorbid and diabetic. He was 43 years old and got the shot on Saturday. The man complained of chest pain in the morning and was taken to a hospital where he died.

"The said individual was vaccinated on January 16 (Saturday). As per the physician's opinion, it is a clear case of myocardial infarction. It is not related to the vaccination,” said Dr B Devanand, Director, Vijayanagar Institute of Medical Sciences (VIMS), Ballari.

“However, they are doing the post-mortem, the viscera has been sent to the pathology department. After the pathology report, the cause of death will be known. The post-mortem has already been initiated," he added. 

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News Network
January 11,2021

Bengaluru, Jan 11: Karnataka Chief Minister B S Yediyurappa on Monday said the much-awaited expansion or reshuffle of his cabinet will take place on January 13 or 14, and BJP National President J P Nadda will be invited for the swearing-in.

Though the Chief Minister indicated that seven new faces will be inducted, he did not make it clear whether it will be cabinet expansion or reshuffle.

"On January 13 or 14 according to convenience of our national President J P Nadda and Karnataka in-charge (general secretary Arun Singh), by inviting them, swearing in ceremony will be organised," Yediyurappa said.

Speaking to reporters here after paying tributes to former Prime Minister Lal Bahadur Shastri on his death anniversary, he said, about seven members will be inducted.

Asked whether it will be cabinet expansion or reshuffle, he said, "let's see, you will get to know."

Yediyurappa on Sunday had held discussions with Nadda and Union Home Minister Amit Shah in New Delhi about the cabinet exercise.

On returning from New Delhi late on Sunday, the Chief Minister had said that seven members will be inducted on January 13 afternoon, and that he will finalise the names on Monday after discussions.

Yediyurappa has been waiting for some time now to carry out the cabinet exercise, as he was asked by the BJP president during their meeting in New Delhi on November 18, to wait for the clearance from the central leadership.

The cabinet expansion or reshuffle is expected to be a tightrope walk for the Chief Minister, considering that there are too many aspirants, from the party old guard to Congress- JD(S) rebels who are now BJP legislators.

While several of the old guards like Umesh Katti (eight-time MLA) and Arvind Limbavali are waiting for a chance to be inducted into the Ministry, Congress-JD(S) rebels like Munirathna, R Shankar and M T B Nagaraj, who helped the BJP come to power and are now party legislators, are also aspiring for slots.

While Munirathna is now BJP MLA from RR Nagar, Shankar and Nagaraj are MLCs.

Yediyurappa had recently also indicated that MLC C P Yogeshwar, who is said to have played a key role by managing Congress-JD(S) rebel MLAs, during the political turmoil in the state in 2019, that eventually led to BJP to come to power, will be inducted into the Ministry.

The cabinet currently has 27 members, and seven berths are still vacant. 

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News Network
January 11,2021

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Bengaluru, Jun 11: An all-women cockpit crew operating Air India's inaugural San Francisco-Bengaluru flight arrived in Karnataka's capital after flying over the North Pole and covering a distance of about 16,000 kilometres.

The flight number AI176 left San Francisco on Saturday at 8.30 PM (local time) and arrived in Bengaluru at 3.45 AM on Monday, according to Air India sources.

Flying over the North Pole, this is also, arguably, the second-longest route in the world for a commercial flight. The landmark flight spanned a distance of 13,993 kms, linking two tech hubs located diametrically at opposite ends of the world with a time zone change of about 13.5 hours.

Commanded by Capt Zoya Aggarwal, the Boeing 777-200LR aircraft also had in the cockpit Capt Papagiri Thanmai, Capt Akansha Sonaware and Capt Shivani Manhas. Captain Zoya has a flying experience of over 8,000 hours and has over 10 years of experience commanding a B-777 aircraft.

A huge posse of mediapersons gathered at the Bengaluru Airport as the four pilots emerged out of the arrival terminal, welcomed with a huge round of applause. The beaming foursome showed no signs of any jetlag as they proudly proclaimed their arrival with a thumbs up.

“It has been a great experience. Today, we successfully completed one of the longest flights as an all-women team, a dream realised to connect the world’s two Silicon Valleys. We have turned a new chapter in aviation history,” remarked Capt Zoya.

Union Minister for Civil Aviation, Hardeep Singh Puri tweeted, "Way to go girls! Professional, qualified & confident, the all women cockpit crew takes off from San Francisco to Bengaluru on @airindiain's flight to fly over the North Pole. Our Nari Shakti achieves a historic first."

Air India too expressed its elation when it tweeted, "Imagine this : -All Women Cockpit Crew. -Longest flight into India. -Crossing the North Pole It's here & happening! Records broken. History in the making by AI176 from @flySFO to @BLRAirport. AI 176 is cruising at 30000 feet." 

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