Karnataka Bank Shares Dips Post Q3FY24 Results; Reports 10.1% YoY Profit Growth

24 Jan 2024 , 03:07 PM

Karnataka Bank shares fell by 10% on NSE following Q3FY24 results, trading at Rs 238.40 in the moring trade. At the time of writing the stock was trading at Rs 245.40 which is a 7.99% dip than previous close.

Q3FY24 net profit grew by 10.1% YoY to Rs 331.08 crore, attributed to reduced provisions for bad loans and increased other incomes.

Net interest income for the same period decreased by 0.86% YoY to Rs 827.6 crore. Asset quality declined in Q3FY24: Gross NPA increased by 17 basis points QoQ to 3.64%, while net NPA increased by 19 basis points QoQ to 1.55%.

Karnataka Bank stocks gained over 84% in the last year. On January 18, Karnataka Bank and Clix Capital announced a strategic digital co-lending partnership, focusing on providing loans to the Indian MSME sector.

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