Karnataka Bank slips as net profit slips by 10% in Q1

NEW DELHI: Karnataka Bank slipped as much as 9.4 per cent in trade on Monday, after the private sector lender reported 10 per cent decline in net profit at Rs 109.34 crore for the April-June quarter of the current fiscal.

The stock ended the day 8.74 per cent lower or Rs 13.45 at Rs 140.4.

It had posted Rs 121.63 crore net profit in the first quarter of 2014-15.

Karnataka Bank hit a low of Rs 142.60 and a high of Rs 148 in trade today on BSE.

However, the total income of the bank has increased to Rs 1,348.17 crore during the April-June quarter of the current fiscal, from Rs 1,254.24 crore in the same period of last fiscal, Karnataka Bank said in a filing to the BSE.

Gross non-performing assets (NPAs), as a proportion of advances, decreased to 3.26 per cent in the first quarter, as against 3.43 per cent in the same period previous fiscal.