Karnataka Bank's stock price rises by more than 20% after announcement of Q2 results

3 Nov 2022 , 09:18 AM

After the bank reported a record quarterly net profit of Rs411 crore for the quarter ending September 2022, shares of Karnataka Bank remained stuck in the 20% upper circuit at Rs112.55 on the BSE on Wednesday (Q2FY22). In comparison to the net profit of Rs125 crore in Q2FY22, the net profit increased by 228%. The bank claimed that among other factors, the considerable increase in net profit was primarily brought about by higher earnings, better asset quality, a healthy rate of advancement, cost containment, and increased efficiency.

The stock reached its highest price in more than three years and was trading at that level as of June 2019. 20.04 million shares have been exchanged overall, while 2.6 million additional shares have pending buy orders on the NSE and BSE. The bank’s net interest income climbed by 26% year over year (YoY) for the second quarter of fiscal year 23 to Rs803 crore from Rs637 crore. From 3.15 % in the same quarter last year, the net interest margin increased to 3.56 % this quarter.

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