Karnataka Bank tumbles ~4% owing to marginal growth numbers in Q1FY23

25 Jul 2022 , 01:41 PM

Karnataka Bank Limited’s Board has approved the financial results for the quarter ended June 30, 2022.

The bank has reported a profit of Rs114.05 crore in Q1FY23 as compared to Rs105.91 crore in the previous corresponding quarter, up by 7.69% yoy.

Bank’s operating profit stood at Rs412.65 crore in Q1FY23. Further, Net interest income during Q1FY23 reported a growth of 19.62% yoy at Rs687.56 crore against Rs574.79 crore in the previous corresponding quarter.

Business turnover of the bank increased by 8.67% yoy at Rs1,38,935.71 crore in Q1FY23 as compared to Rs1,27,846.08 crore in the previous corresponding quarter.

Bank deposits jumped by at Rs80,576.38 crore, registering a growth of 5.72% yoy. While advances during the quarter grew by 13.03% at Rs58,359.33 crore.

Gross NPAs fell to 4.03% as of 30 June 2022, down from 4.84% in the same quarter of the previous fiscal year. In absolute terms, it fell to Rs2,401.39 crore in Q1FY23 from Rs2,549.06 crore in Q1FY22.

Similarly, Net NPAs [NNPAs] fell to 2.16% from 3.02% in the same quarter of the previous fiscal year (2021-22). Absolute NNPAs fell to Rs1,262.88 crore in Q1FY23 from Rs.1,557.38 crore in Q1FY22.

At around 1.43 PM, Karnataka Bank was trading at Rs68.80 down by Rs3.15 or 4.38% from its previous closing of Rs71.95 on the BSE. The scrip touched day’s high and low of Rs71.95 and Rs67.80 respectively, so far.