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