Karnataka Bank shares tank 9% post Q2 results; NII rises to Rs 822 crore
Karnataka Bank Ltd reported a 19.7% fall in net profit at Rs 330.3 crore for the quarter ended September 2023 against profit of Rs 412 crore in the September 2022 quarter.
- Nov 2, 2023,
- Updated Nov 2, 2023 3:35 PM IST
Shares of Karnataka Bank Ltd slipped 9% in the afternoon session after the lender announced its Q2 earnings. Shares of Karnataka Bank fell 8.74% to Rs 214.05 against the previous close of Rs 234.45 on BSE. Market cap of the firm fell to Rs 6809 crore.
Karnataka Bank Ltd reported a 19.7% fall in net profit at Rs 330.3 crore for the quarter ended September 2023 against profit of Rs 412 crore in the September 2022 quarter. Karnataka Bank's NII rose 2.4% to Rs 822.4 crore in Q2 against Rs 802.8 crore in the corresponding period of the preceding fiscal.
Gross NPAs rose to Rs 2324.19 crore in Q2 against 2051.70 crore in the September 2022 quarter. Gross NPA ratio climbed to 3.47% in Q2 against 3.36% in the corresponding quarter of the previous fiscal.
However, net NPA ratio slipped to 1.36% in Q2 against 1.72% in the September 2022 quarter. Net NPAs fell to Rs 888.94 crore in Q2 compared to Rs 1028.47 crore in the September 2022 quarter. Interest earned zoomed 14.42% to Rs 2026.59 crore in the September quarter against Rs 1771.05 crore in the corresponding quarter of the last year.
Pre-provisioning operating profit of IndusInd Bank fell 10% to Rs 522.15 crore in Q2 against Rs 577.82 crore in the September 2022 quarter.
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Shares of Karnataka Bank Ltd slipped 9% in the afternoon session after the lender announced its Q2 earnings. Shares of Karnataka Bank fell 8.74% to Rs 214.05 against the previous close of Rs 234.45 on BSE. Market cap of the firm fell to Rs 6809 crore.
Karnataka Bank Ltd reported a 19.7% fall in net profit at Rs 330.3 crore for the quarter ended September 2023 against profit of Rs 412 crore in the September 2022 quarter. Karnataka Bank's NII rose 2.4% to Rs 822.4 crore in Q2 against Rs 802.8 crore in the corresponding period of the preceding fiscal.
Gross NPAs rose to Rs 2324.19 crore in Q2 against 2051.70 crore in the September 2022 quarter. Gross NPA ratio climbed to 3.47% in Q2 against 3.36% in the corresponding quarter of the previous fiscal.
However, net NPA ratio slipped to 1.36% in Q2 against 1.72% in the September 2022 quarter. Net NPAs fell to Rs 888.94 crore in Q2 compared to Rs 1028.47 crore in the September 2022 quarter. Interest earned zoomed 14.42% to Rs 2026.59 crore in the September quarter against Rs 1771.05 crore in the corresponding quarter of the last year.
Pre-provisioning operating profit of IndusInd Bank fell 10% to Rs 522.15 crore in Q2 against Rs 577.82 crore in the September 2022 quarter.
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