Karnataka Bank Ltd. saw a 11.2 percent rise in net profit to Rs 121.5 crore in the April-June quarter, from Rs 109.3 crore in the same quarter last year.
Net interest income grew 10.1 percent to Rs 364.7 crore from Rs 331.3 crore on a year-on-year basis, according to the company's filing on the National Stock Exchange.
Other income stood at Rs 174.4 crore in the first quarter versus Rs 119.1 crore in the same quarter last year.
The bank's asset quality worsened in the first quarter earnings. Gross non-performing assets grew 17.7 percent to Rs 1,389.4 crore from Rs 1,180.4 crore in the previous quarter. GNPA as a percentage of total advances, grew to 3.92 percent from 3.44 percent on a quarter-on-quarter basis. Net non-performing asset ratio grew to 2.61 percent from 2.35 percent in the previous quarter.
The bank recorded a 21.2 percent growth in provisions to Rs 136.3 crore from Rs 112.5 percent on a quarter-on-quarter basis.
Shares fell 1.7 percent on the Bombay Stock Exchange, to Rs 149.9 per share, post results.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
