Karnataka Bank Shares Jump 20% As Quarterly Profit Rises

Karnataka Bank: Net profit soared to 4.12 billion Indian rupees ($49.8 million) in the quarter ended Sept 30.

Shares of Karnataka Bank jumped as much as 20% on Wednesday, marking their biggest percentage gain in over 13 years, after the private lender reported a more-than-three-fold jump in quarterly profit.

Net profit soared to 4.12 billion Indian rupees ($49.8 million) in the quarter ended Sept 30, from 1.26 billion rupees, a year earlier, the company reported after markets closed on Tuesday.