 "Karnataka Bank surges as Q2 profit doubles")
Karnataka Bank has surged 6% to Rs 131 after reporting a more-than-double net profit at Rs 88.46 crore for the second quarter ended September 2014 (Q4), on account of lower provisioning. The private sector bank had profit of Rs 28.95 crore in the same quarter last fiscal.
Net interest income of the bank grew 4.5% to Rs 297 crore against Rs 285 crore in the corresponding quarter of previous year.
Net interest margin declined to 2.63% from 2.41%, Karnataka Bank said in a statement.
Provisions were lower by 34% to Rs 84 crore compared to Rs 127 crore in the same quarter a year ago. The percentage of net NPA rose to 2.37% from 2.25% year ago.
The stock opened at Rs 129 and hit a high of Rs 132 on NSE. The trading volumes on the counter jumped over two-fold with a combined 3.46 million shares changed hands till 1005 hours on NSE and BSE.
Net interest income of the bank grew 4.5% to Rs 297 crore against Rs 285 crore in the corresponding quarter of previous year.
Net interest margin declined to 2.63% from 2.41%, Karnataka Bank said in a statement.
Provisions were lower by 34% to Rs 84 crore compared to Rs 127 crore in the same quarter a year ago. The percentage of net NPA rose to 2.37% from 2.25% year ago.
The stock opened at Rs 129 and hit a high of Rs 132 on NSE. The trading volumes on the counter jumped over two-fold with a combined 3.46 million shares changed hands till 1005 hours on NSE and BSE.