Shares of Karnataka Bank
soared 3.5% in the afternoon session on the BSE. The bank reported net profit of Rs140cr for the quarter ended December, posting a robust 61% growth on a yoy basis.
The bank has also lowered its gross NPA to 4.45% in the Oct-December quarter from 4.66% in the previous quarter. The net NPA remains at 3% as compared to that during the September quarter.
Mahabaleshwara M S, Managing Director & CEO, of the Bank said, “The Q3 results are on the expected line. The growth rate, asset quality and earnings have shown consistent tractions. Bank has been able to maintain the consistency without any negative surprises and is determined to further consolidate it going forward.”
Karnataka Bank Ltd is currently trading at Rs119.75 up by Rs3.8 or 3.28% from its previous closing of Rs115.95 on the BSE.
The scrip opened at Rs116.50 and has touched a high and low of Rs120.85 and Rs115.35 respectively.