Karnataka Bank is currently the top loser on the BSE; from its previous close of Rs.266.70, the stock opened lower at Rs.254 and went down to an intraday low at Rs.233.10 and all this because the Q3FY24 numbers were disappointing, especially the asset quality.

The Gross NPA of the Bank rose 17 bps (QoQ) to 3.64% and Net NPA too rose, up 19 bps to 1.55%.

Provision Coverage Ratio (PCR) has been maintained in the same range at 80.75%, up 54 bps (YoY) from 80.21%.

In terms of profitability, net profit rose 10% (YoY) aty Rs.331 crore while net interest income (NII)N fell around 1% to Rs.828 crore. NIM declined from 3.81% to 3.46% and sequentially, it was down from 3.58%.

The silver lining – for 9MFY24, it posted an all-time high net profit of Rs.1,032 crore, growth of 25%.