Mangalore : Private sector lender Karnataka Bank  ‘s first quarter net profit grew by 13 percent year-on-year to Rs 94.2 crore on higher other income, but bad loans increased further during the quarter that sent shares 13.6 percent lower intraday.

Other income of the bank more than doubled to Rs 206 crore in April-June quarter from Rs 95.3 crore reported in a year ago period.

Net interest income rose by 12.6 percent to Rs 250 crore from Rs 222 crore during the same period.

Provisions and contingencies soared 34.4 percent quarter-on-quarter (up 28 percent on yearly basis) to Rs 73 crore in June quarter.

Gross non-performing asset (NPA) increased 71 bps sequentially (declined marginally Y-o-Y) to 3.22 percent while net NPA rose 45 bps quarter-on-quarter (a modest decline Y-o-Y) to 1.96 percent during the first quarter.

Capital adequacy ratio (as per Basel III) was 13.86 percent as on June 30.

At 15:21 hours IST, the stock was quoting at Rs 80.45, down 7.10 percent after hitting a 52-week low of Rs 74.85 during the day today.