Share price of Karnataka Bank opened 17 percent higher and hit a 52-week high on November 2 after the lender posted an all-time high net profit of Rs 411 crore for September quarter.
At 9:25 am, the stock was quoting at Rs 109.70, up 16.8 percent. It hit a 52-week high of Rs 111.60 before cooling off.
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Net profit grew 228 percent from a year earlier. Net interest income increased 26 percent to Rs 802.73 crore.
Asset quality improved with gross non-performing assets (GNPAs) moderating to 3.36 percent against 4.03 percent as of June quarter. Net NPAs reduced to 1.72 percent from 2.16 percent a quarter ago.
"Our disciplined execution and aggressive digitisation, combined with our commitment to superior customer experience, is fortifying Karnataka Bank’s reputation for delivering sustained profitable growth," chief executive Mahabaleshwara MS said.
"It is also noteworthy that our core fundamentals across all key performance parameters have improved materially, signifying the arrival of a new Karnataka Bank."
The bank's return on assets stands at 1.7 percent against 0.57 percent in the year-ago period. Net interest margin improved to 3.78 percent from 3.31 percent a year earlier.
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