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Karnataka Bank shares tank 4% as results disappoint

 Karnataka Bank shares tank 4% as results disappoint
Karnataka Bank: Quotes, News
BSE 68.75BSE Quote1.85 (-2.69%)
NSE 68.80NSE Quote1.85 (-2.69%)
Shares in private sector bank, Karnataka bank plunged 5 per cent in trade today as the bank's results for Q2 2013 disappointed the markets.

The share was last trading at Rs 100.35, down 4.35 per cent over Monday's close.

Karnataka Bank reported a 75.3 per cent dip in its net profit for the second quarter ended September of 2013-14 at Rs 28.95 crore due to higher provisions and contingencies.

The bank had posted net profit of Rs 117.19 crore during the same quarter of 2012-13.

It had provisions and contingencies of Rs 126.71 crore during the second quarter of the FY14, up from Rs 22.75 crore a year ago.

"The Bank has posted a net profit of Rs 289.50 million for the quarter ended September 30, 2013 as compared to Rs 1,171.90 million for the quarter ended September 30, 2012," it said in a filing to the BSE.

However, total income of the bank increased to Rs 1,152.49 crore for the quarter ended September 30 of 2013-14 from Rs 1,032.37 crore during July-September quarter of 2012-13, it said.

With inputs from PTI

Read more about: karnataka bank bse provisions
Story first published: Tuesday, October 22, 2013, 10:31 [IST]
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