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Shares of Karnataka Bank were down over 7% at Rs 143 after the bank reported 10% decline in net profit at Rs 109 crore for the quarter ended June 30, 2015 compared with Rs 122 crore in the same quarter last fiscal.
However, net interest income for the first quarter increased 19% to Rs 331 crore compared with Rs 278 crore in the same quarter ended June 30, 2014, the release added.
"The bank is eyeing a business turnover of Rs 91,000 crore for the year 2015-16 comprising of deposits of Rs 53,500 crore and advances of Rs 37,500 crore. The bank aspires to be a major player in the banking industry and is in the process of unveiling its Vision 2020 document shortly," said MD & CEO, P Jayarama Bhat.
The share opened at Rs 146 and touched a low of Rs 142. At 12:15PM, over 3.5 million shares were traded on both the stock exchanges.
