Shares of Karnataka Bank surged nearly 20%, the most in three years, after the lender reported a more than threefold jump in second-quarter net profit.
The stock hit the upper circuit and closed at Rs 112.65, also its highest in three years. The total traded quantity is 26.6 times the 30-day average. As per data available on the National Stock Exchange, there were no sellers after hitting a three-year high.
Karnataka Bank Q2FY23 (Standalone, YoY)
Net profit jumps 3.2 times to Rs 411.6 crore.
Gross non performing assets at 3.36% versus 4.52%.
Interest income rises 14% to Rs 1771.1 crore.
Interest expended climbed 5.6% to Rs 968.3 crore.
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