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Axis Securities Report
Karnataka Bank Ltd. reported a stellar performance in Q2 FY23, beating our expectations across all fronts.
The bank has reported its highest-ever profit after tax of 412 crore for the quarter and also its highest-ever profit after tax of 526 crore for the first half of any financial year in its history.
Advances grew by 9.9%/2.6% YoY/QoQ and stood at Rs 59,872 crore. Aided by strong growth in advances and a higher yield on loan books, net interest income grew by 26%/16.8% YoY/QoQ to Rs 803 crore.
Consequently, Karnataka Bank's net interest margin improved by 47 bps/45 bps YoY/QoQ to 3.78%. Non-interest income reported a growth of 96% QoQ driven by trading profit but declined by 5% YoY majorly due to a fall in fee income to 6% YoY.
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