Latest News | BIZ-STOCKS-KARNATAKA BANK  Karnataka Bank Shares Jump Nearly 6 Pc After Q3 Earnings

New Delhi, Jan 12 (PTI) Shares of Karnataka Bank on Tuesday gained nearly 6 per cent after the company reported a 10 per cent increase in net profit for the December quarter.

The stock jumped 5.62 per cent to close at Rs 67.70 on the BSE. During the day, it gained 11.31 per cent to Rs 71.35.

On the NSE, it zoomed 5.14 per cent to close at Rs 67.45.

In traded volume terms, 12.81 lakh shares were traded at the BSE and over 2.53 crore unit on the NSE during the day.

Private sector lender Karnataka Bank on Tuesday reported a 10 per cent increase in net profit at Rs 135.38 crore for the December quarter on account of a decline in bad loans.

The Mangalore-headquartered bank had reported a net profit of Rs 123.14 crore in the year-ago period, it said in a regulatory filing.

However, total income of the bank declined to Rs 1,868.62 crore from Rs 1,993.68 crore in the same quarter a year ago.

The gross non-performing assets (NPAs) of the bank eased to 3.16 per cent of assets from 4.99 per cent in the year-ago period.

Similarly, net NPA ratio declined to 1.74 per cent from 3.75 per cent during September-December period of the previous fiscal.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)