Karnataka Bank hits new high

Karnataka Bank is right there among the top five gainers of the day, opening 14% higher at Rs.107.10 and going on to hits its 20% UC and a new 3-year high at Rs.112.55.

The market has given the Bank a big thumbs up for its Q2FY23 performance. On the earnings front, net profit jumped up by a massive 228% (YoY) at Rs.412 crore, the highest-ever quarterly profit earned by the bank. Its H1FY23 net profit stood at Rs.525.52 crore, which has surpassed the last year’s total annual net profit of Rs.508.

Net interest income increased 26% at Rs 803 crore.

And in terms of asset quality, it improved significantly – Gross NPA moderated to 3.36% v/s 4.03% (QoQ) while Net NPAs came down from 2.16% to 1.72%.