Karnataka Bank slumps after dismal Q2 numbers

Karnataka Bank tumbled 5.11% to Rs 99.30 at 9:16 IST on BSE after net profit declined 75.29% to Rs 28.95 crore on 11.63% growth in total income to Rs 1152.49 crore in Q2 September 2013 over Q2 September 2012.

The Q2 result was announced after market hours on Monday, 21 October 2013.

Meanwhile, the S&P BSE Sensex was down 20.49 points or 0.1% at 20,873.40.

On BSE, 1.18 lakh shares were traded in the counter as against average daily volume of 16.43 lakh shares in the past two weeks.

The stock hit a high of Rs 99.80 and a low of Rs 96.40 so far during the day.

Karnataka Bank's ratio of gross non-performing assets (NPAs) to gross advances increased to 3.59% as on 30 September 2013 from 3.22% as on 30 June 2013 and 3.22% as on 30 September 2012. The ratio of net NPAs to net advances increased to 2.25% as on 30 September 2013 from 1.96% as on 30 June 2013 and 2.08% as on 30 September 2012.

The bank's provisions and contingencies galloped 456.96% to Rs 126.71 crore in Q2 September 2013 over Q2 September 2012.

Deposits grew 11.9% to Rs 38013.71 crore as on 30 September 2013, as against Rs 33968.31 crore as on 30 September 2012. Borrowings rose 46.02% to Rs 2143.70 crore as on 30 September 2013, as against Rs 1468.07 crore as on 30 September 2012.

Karnataka Bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 13.47% as on 30 September 2013 as against 14.08% as on 30 June 2013 and 12.17% as on 30 September 2012. CAR as per Basel III norms stood at 13.22% as on 30 September 2013.

Karnataka Bank's four business segments include treasury operations, corporate and wholesale banking, retail banking and other banking operations.

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