Karnataka Bank share price: Shares of Karnataka Bank, a private sector lender headquartered in Mangaluru, Karnataka, fell as much as 7.53% to ₹192 per share on the NSE on Monday, June 30, following the resignation of top executives.
Karnataka Bank in its press release said that the lender’s board has accepted the resignation of Managing Director and CEO Srikrishnan Hari Hara Sarma on June 29. The resignation will be effective from July 15, 2025. Sarma has cited personal reasons including his decision to move back to Mumbai for his resignation.
The bank’s executive director Shekhar Rao has also submitted his resignation citing his inability to relocate to Mangaluru and other personal reasons. The board has accepted the resignation and it will be effective from July 31, 2025, the press release said.
The press release further said that the bank has constituted a search committee to identify suitable candidates for the position of new managing director and CEO as well as new executive director.
It has appointed an experienced senior banker as the chief operating officer (COO), who will take over on July 02, 2025. Additionally, alternative arrangements are also being made subject to the approval of the regulator, Karnataka Bank said.
On the Notes to Accounts included in the audited financial statements for FY2025, which led to the matter being highlighted in the auditor’s report, the bank said the same has been discussed and resolved amicably.
The lender continues to take necessary steps to ensure operational stability and assures various stakeholders that it is well capitalised and remains as strong as ever. The transformational journey embarked on by the bank will continue without any hindrance.
Karnataka Bank Q4 FY25 Results
The private sector lender reported an 8% year-on-year decline in net profit to ₹252.4 crore for the fourth quarter ended March 31, 2025, as against ₹274.2 crore in Q4 FY24.
According to news reports, for the full FY25, Karnataka Bank reported a net profit of ₹1,272.37 crore, registering a 2.6% year-on-year decline as compared to ₹1,306.28 crore recorded in FY24.
Net interest income (NII), which is the difference between the interest income earned by the bank from its lending activities and the interest it pays to depositors, fell 6.4% to ₹780.7 crore as compared to ₹834.1 crore recorded in the corresponding quarter of FY24.
