Karnataka Bank down 2% as Q2FY20 PAT declines 5.3%

The bank attributed the fall in PAT to a slight uptick in bad loans.

Oct 16, 2019 05:10 IST India Infoline News Service

Karnataka Bank

Karnataka Bank is trading lower on Wednesday after reported a 5.3% yoy fall in its net profit at Rs105.91cr for Q2FY20.

The bank attributed the fall in PAT to a slight uptick in bad loans.

Total income grew by 17.20% yoy to Rs1,938.40cr in the quarter vs. Rs1,653.81cr in the corresponding quarter last year, with other income (non-interest income) rising 53.45% yoy to Rs308.76cr.

Provisions rose to Rs262.40cr in Q2FY20 vs. Rs193.22cr yoy. Provision coverage ratio stood at 59.19% vs. 57.49% yoy.

Karnataka Bank Ltd is currently trading at Rs69.55 down by Rs1.05 or 1.49% from its previous closing of Rs70.60 on the BSE.

The scrip opened at Rs70 and has touched a high and low of Rs70 and Rs68.40 respectively. So far 11,86,307 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs1,995.21cr.

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