Karnataka Bank reaches 52-week high as investors praise huge profit

HomeStock MarketKarnataka Bank reaches 52-week high as investors praise huge profit

Published on

November 2, 2022

After posting a record September quarter net profit of Rs 411 crore, Karnataka Bank shares rose 17 percent higher and set a 52-week high on November 2.
The stock rose 16.8% to Rs 109.70 at 9:25 am. It peaked at Rs 111.60.
Net profit increased 228% year-over-year. Net interest income rose 26% to Rs 802.73 crore.
Gross non-performing assets (GNPAs) fell to 3.36 percent from 4.03 percent in June. Net NPAs fell to 1.72 percent from 2.16 percent a quarter earlier.
“Our disciplined execution and aggressive digitisation, combined with our commitment to superior customer experience, is fortifying Karnataka Bank’s reputation for delivering sustained profitable growth,” chief executive Mahabaleshwara MS said.