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Karnataka Bank shares tank 9% post Q2 results; NII rises to Rs 822 crore

Karnataka Bank shares tank 9% post Q2 results; NII rises to Rs 822 crore

KTKBANK₹ 340.10(0.10%)

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.

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Aseem Thapliyal
Aseem Thapliyal
  • Updated Nov 2, 2023 3:35 PM IST
Karnataka Bank shares tank 9% post Q2 results; NII rises to Rs 822 crore Karnataka Bank shares tank 9% post Q2 results; NII rises to Rs 822 crore
SUMMARY
  • Net NPAs fell to Rs 888.94 crore in Q2 compared to Rs 1028.47 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.
  • Gross NPAs rose to Rs 2324.19 crore in Q2 against 2051.70 crore in the September 2022 quarter.

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.

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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.

Also read: Diwali 2023 picks: Axis Bank, DLF, Power Grid among stocks picked by Chola Securities

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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ABOUT THE AUTHOR

Aseem Thapliyal
Aseem Thapliyal

A journalist with over 12 years' experience, who tracks trends in the share market and writes stock market stories. An active follower of Sensex and Nifty, I capture stocks in news and analysis by share market experts and brokerages on their outlook and price targets. I cover company news/earnings leading to a rally or crash in particular stocks or stock market indices. Also track impact of global stock markets on their Indian peers. I have worked with Live Mint and NDTV Profit in previous stints. My hobbies are exploring new places, travelling, watching movies, spending time with friends and family, watching web series, playing cricket and football. I have completed graduation from Delhi University along with a PG Diploma in journalism from IIMC. I can be reached easily via social media platforms.

Published on: Nov 2, 2023 3:21 PM IST
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