Shares of a Karnataka Bank named Ujjivan Financial Services (UFSL) hit a 52-week high of Rs 200.65 after they rallied 9 percent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes. The stock surpassed its previous high of Rs 191.80 which it touched on November 1, 2021. At 9:25 am, the stock was quoting up 16.8 percent at Rs 109.70. It hit a 52-week high of Rs 111.60 before cooling off.

Karnataka Bank Ujjivan Financial Services (UFSL) Hits 52-Week High As Investors Cheer Record Profit

Meanwhile, in the past six months, the market price(MP) of Ujjivan Financial Services has zoomed 102 percent as compared to an 8 percent rise in the S&P BSE Sensex. The stock hit a record-high level of Rs 547 on July 28, 2016.

The Net profit of the bank grew 228 percent when compared to last year. Net interest income increased to Rs 802.73 crore which is approx 26 percent.  Asset quality improved with gross non-performing assets (GNPAs) moderating to 3.36 percent against 4.03 percent as of the June quarter. Net NPAs reduced to 1.72 percent from 2.16 percent a quarter ago.

The chief executive Mahabaleshwara MS said, “Our disciplined execution and aggressive digitization, combined with our commitment to superior customer experience, is fortifying Karnataka Bank’s reputation for delivering sustained profitable growth.”

“It is also noteworthy that our core fundamentals across all key performance parameters have improved materially, signifying the arrival of a new Karnataka Bank,” he added.