Karnataka Bank Ltd saw its shares decline by over 2% after announcing weak Q4 results. The bank recorded a net profit of ₹274.24 crore for the fourth quarter of 2023-24, compared to ₹353.75 crore in the same period last year, marking a 22.48% decline.
A media statement revealed that the bank incurred a one-time staff cost of ₹152.2 crore in the fourth quarter due to enhanced actuarial provisions arising from the 12th bi-partite settlement.
As of 10:14 am, the shares were trading 2.42% lower at ₹215.95 on the NSE.
