 "Karnataka Bank shares decline nearly 3% after lender's disappointing second quarter results")
New Delhi: Shares of Karnataka Bank dropped nearly 3 percent after the company reported a fall in net profit for the second quarter ended September of the current fiscal.
The scrip declined 2.62 percent to close at Rs 68.75 on the BSE. During the trade, it plunged 3.11 percent to Rs 68.40 — its 52-week low. On the NSE, shares went lower by 2.90 percent to close at Rs 68.60.
Karnataka Bank on Tuesday reported a 5.3 percent fall in net profit at Rs 105.91 crore for the second quarter ended September of the current fiscal as bad loans increased marginally.
The private sector bank had posted a net profit of Rs 111.86 crore in the corresponding July-September quarter of the previous fiscal ended March 2019.
The asset quality of the bank showed a slight blip as gross non-performing assets (NPAs) rose to 4.78 percent of the gross advances as on 30 September, up from 4.66 percent a year ago.
Similarly, net NPAs or bad loans rose to 3.48 percent (Rs 1,863.11 crore) from 3 percent (Rs 1,497.68 crore) a year ago.
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