Karnataka Bank rose 4.05% to Rs 131.05 at 9:25 IST on BSE after net profit rose 20.5% to Rs 81.21 crore on 7.54% growth in total income to Rs 1172.58 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after market hours on Thursday, 15 May 2014.
Meanwhile, the BSE Sensex was up 935.10 points, or 3.91%, to 24,840.70.
On BSE, so far 1.78 lakh shares were traded in the counter, compared with an average volume of 5.04 lakh shares in the past one quarter.
The stock hit a high of Rs 135 and a low of Rs 128.65 so far during the day. The stock hit a 52-week high of Rs 162.45 on 16 May 2013. The stock hit a 52-week low of Rs 69.10 on 6 August 2013.
The stock had underperformed the market over the past one month till 15 May 2014, rising 5.05% compared with 6.32% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 33.85% as against Sensex's 17.38% rise.
The small-cap private sector bank has an equity capital of Rs 188.40 crore. Face value per share is Rs 10.
Karnataka Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 2.92% as on 31 March 2014 as against 3.65% as on 31 December 2013 and 2.51% as on 31 March 2013. The ratio of net NPAs to net advances stood at 1.91% as on 31 March 2014 as against 2.23% as on 31 December 2013 and 2.51% as on 31 March 2013.
The bank's provisions and contingencies declined 29.28% to Rs 38.39 crore in Q4 March 2014 over Q4 March 2013.
Karnataka Bank's net profit declined 10.64% to Rs 311.03 crore on 12.79% growth in total income to Rs 4694.41 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
During the year, the bank, pursuant to RBI's circular dated 20 December 2013, has created DTL of Rs 27.01 crore on Special Reserve for the period up to 31 March 2013 and has adjusted the same directly from the Revenue Reserve. Further, the bank has created a DTL of Rs 7.89 crore in respect of the amounts transferred to Special Reserve for the year ended 31 March 2014 by charging of the same to the profit and loss account for the year, Karnataka Bank said.
In terms of RBI circular dated 23 August 2013 on Investment Portfolio of the Bank-Classification, Valuation and Provisioning, the bank has transferred SLR Securities with the face value of Rs 900 crore (book value of Rs 884.65 crore) held under AFS portfolio to HTM Portfolio and loss on such transfers amounting to Rs 16.77 crore has been recognized during the year, Karnataka Bank said.
Pending finalization of wage revision effective 1 November 2012, the bank has made a provision of Rs 33.43 crore during the current year on estimated basis. The cumulative provision held there on of on 31 March 2014 aggregates to Rs 55.93 crore, Karnataka Bank said.
Karnataka Bank's board of directors at its meeting held on Thursday, 15 May 2014, inter alia, has recommended dividend of Rs 4 per share for the year ended 31 March 2014.
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