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What is the story about?
Shares of Mangaluru-based Karnataka Bank rose nearly 4% to ₹311.75 on the NSE at 3:09 pm on October 28, gaining ₹11.70 after the bank reported its September-quarter results.
The bank's net profit rose 36.6% year-on-year to ₹436 crore, compared with ₹319 crore in the corresponding quarter last year.
Net interest income (NII), the difference between interest earned on loans and interest paid on deposits, increased 34.9% to ₹982 crore from ₹728 crore a year earlier.
Asset quality also improved from the previous quarter. Gross non-performing assets (NPAs), which represent loans where borrowers have defaulted, declined to 2.27% from 2.58%. Net NPA fell to 0.74% from 0.87%.
Also Read: Paras Healthcare expects growth and margins to improve as occupancy rises
The bank's net profit rose 36.6% year-on-year to ₹436 crore, compared with ₹319 crore in the corresponding quarter last year.
Net interest income (NII), the difference between interest earned on loans and interest paid on deposits, increased 34.9% to ₹982 crore from ₹728 crore a year earlier.
Asset quality also improved from the previous quarter. Gross non-performing assets (NPAs), which represent loans where borrowers have defaulted, declined to 2.27% from 2.58%. Net NPA fell to 0.74% from 0.87%.
Also Read: Paras Healthcare expects growth and margins to improve as occupancy rises
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