Karnataka Bank's Q1 net up 7.69 % to Rs 114 cr on improved interest margins

The Board has approved a proposal to seek shareholders' nod for raising further equity capital up to Rs 1,000 cr

Karnataka Bank on Saturday reported a 7.7 per cent year on year (YoY) increase in net profit at Rs 114.05 crore in the quarter ending June 30, 2022 (Q1FY23), on improvement in interest margins.

Mangaluru-based private sector lender had posted a net profit of Rs 105.9 crore during the same period last year (Q1FY22). Sequentially, its net profit declined by 12.4 cent from Rs 130.2 crore in Q4FY22.

On Friday, the bank’s stock had closed marginally higher (0.49 per cent) at Rs 71.95 per share. Its capital adequacy ratio stood at 15.41 per cent in June 2022 as against 14.58 per cent