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Economic Times
12-08-2025
- Business
- Economic Times
Karnataka Bank Q1 profit falls 27% on lower income, higher provisions
Private sector Karnataka Bank reported a 27% fall in net profit at Rs 292.4 crore in the first quarter of the fiscal as compared with Rs 400.33 crore in the year-ago period, owing to a fall in net interest income and higher provisions. ADVERTISEMENT Provisions and contingencies were more than double at Rs 111 crore against Rs 40 crore in the corresponding quarter last year. The bank's net interest income for the quarter stood at Rs 756 crore, down 16% from the year ago period's Rs 903 crore. The 28% rise in other income at Rs 358 crore against Rs 279 crore could not offset the fall in core income. Consequently, operating profit stood lower at Rs 467 crore against Rs 559 bank, now under interim managing director Raghavendra Srinivas Bhat after the abrupt exit of Srikrishnan Hari Hara Sarma, saw its gross advances portfolio contracting 1.6% year-on-year to Rs 74267 crore at the end of book quality improved with gross non-performing assets ratio falling to 3.46% from 3.54% a year back. Net NPAs stood at 1.44% against 1.66%. Its deposits grew 3.2% over the same period to Rs 1.03 lakh crore. (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
15-07-2025
- Business
- Economic Times
Karnataka Bank appoints COO as interim MD & CEO
The vacuum at the bank's top position was created earlier in the month as MD Srikrishnan Hari Hara Sarma and executive director Sekhar Rao stepped down from their respective positions after a conflict with the board. Synopsis Karnataka Bank has named its COO, Raghavendra Srinivas Bhat, as the MD & CEO for a three-month interim period starting July 16, 2025, while the search for a permanent leader continues. This appointment follows the departure of Srikrishnan Hari Hara Sarma and Sekhar Rao due to disagreements with the board. Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Time of India
14-07-2025
- Business
- Time of India
India's Karnataka Bank names Raghavendra Srinivas Bhat as interim MD, CEO
Indian lender Karnataka Bank on Monday said Chief Operating Officer Raghavendra Srinivas Bhat will act as interim managing director and chief executive officer for a period of three months. Former Managing Director and Chief Executive Officer, Srikrishnan Hari Hara Sarma resigned on June 29, citing personal reasons and triggering a slump in the lender's shares. Raghavendra Srinivas Bhat, who has been with the bank for more than three decades, was appointed COO in June.
The Hindu
30-06-2025
- Business
- The Hindu
Karnataka Bank shares fall after top boss, board member resign
Shares of Karnataka Bank fell as much as 8.5% on Monday (June 30, 2025), and were headed for their worst session in nearly five months, a day after the Indian lender's top boss and a board member stepped down. The shares trimmed some of the early losses to trade 5% lower at 2:50 p.m. IST. On Sunday (June 29, 2025), the bank said its MD and CEO, Srikrishnan Hari Hara Sarma, had resigned, citing 'personal reasons, including his decision to relocate back to Mumbai'. Sekhar Rao, an executive director and a member of the board, also resigned due to personal reasons. A committee has been set up to identify suitable replacements for the roles, the bank said, adding that it is taking necessary steps to ensure operational stability. The bank is 'well-capitalised' with a capital adequacy ratio of over 19.85%, 'which reflects the soundness of the bank's financial position', it said in a statement on Monday (June 30, 2025). 'A committee has been set up to identify suitable replacements for the roles,' the bank said.
Indian Express
30-06-2025
- Business
- Indian Express
Why Karnataka Bank's top brass stepped down amid auditor red flags
The Board of Directors of 100-year old Karnataka Bank on Sunday accepted the resignation of the bank's Managing Director and CEO Srikrishnan Hari Hara Sarma and Executive Director Sekhar Rao amid red flags raised by the auditors about certain spending. Sarma has cited personal reasons, including his decision to relocate back to Mumbai, for his resignation. His resignation will be effective from July 15. Rao submitted his resignation citing inability to relocate to Mangaluru and other personal reasons. His resignation will be effective from July 31. While the Mangaluru-based bank, with 957 branches, has no specific promoter, the entire stake is held by public, NBFCs, FPIs and mutual funds. As of the quarter ended March 31, 2025, Karnataka Bank reported total deposits of Rs 1.04 lakh crore. The bank's shares fell by 5.51 per cent to Rs 196.25 on the BSE on Monday morning session. The resignations of Karnataka Bank's MD and ED came roughly six weeks after the bank's auditors raised concerns over certain expenditures made by the two executives. These expenses, which exceeded their delegated authority and were not approved by the board, included Rs 1.53 crore in spending deemed recoverable from the concerned directors—comprising Rs 1.16 crore on consultants and Rs 37 lakh on revenue and capital items. While the official reason cited for their exit was personal, including relocation-related factors, the timing suggests deeper issues, said an analyst, adding that the auditor's findings pointed to governance lapses and internal friction, prompting uncertainty among investors and triggering a broader leadership shake-up at the bank. On the Notes to Accounts contained in the audited Financial Statements for the FY25 leading to emphasis of matter in the Auditor's Report, the bank stated that 'it has been discussed and amicably resolved'. The bank has formed a search committee to identify suitable candidates for the position of a new Managing Director & CEO as well as a new Executive Director. 'The bank has appointed an experienced senior banker as the Chief Operating Officer (COO) who will assume charge on July 02, 2025. Additionally, substitute arrangements are also being made subject to the regulator's approval,' the bank said in an exchange filing. 'The bank continues to take necessary steps to ensure operational stability and assures various stakeholders that it is well capitalised and continues to be sound as hitherto. The transformational journey embarked upon by the bank will continue unhindered,' the filing said.
