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Karnataka Bank shares tank 4% as results disappoint
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
