Post its quarterly results announcement this banking stock gets locked in 20% upper circuit
Karnataka Bank touches roof on reporting over a 3-fold jump in Q2 net profit.
Karnataka Bank is currently trading at its upper limit of Rs 112.55, up by 18.75 points or 19.99% from its previous closing of Rs 93.80 on the BSE.
The scrip opened at Rs 107.10 and touched a high and low of Rs 112.55 and Rs 105, respectively. At the time of writing, 1077889 shares were traded on the counter. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high of Rs 112.55 today and has a 52-week low of Rs 55.25.
The bank has reported over 3-fold jump in its net profit at Rs 411.63 crore for Q2FY23 as compared to Rs 125.61 crore for the corresponding quarter previous year. The total income of the bank increased by 11.04% to Rs 2031.09 crore for the quarter under review as compared to Rs 1829.16 crore for the same quarter in the previous year.
In the June quarter, the capital adequacy ratio came at 15.41%, up by 83 bps YoY and ROE up by 5 bps YoY to 6.39%. The bank's current digital adoption is at 93.04% (Internet Banking, Mobile Banking, IMPS, UPI transactions). The customer mix of the bank mostly comprises retails which is at 46.32% followed by Mid corporate 32.81% and large corporate at 20.87%
Karnataka Bank operates as a private-sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance-linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.
The bank has 879 branches, and 879 ATMs across India. It has a strong presence in South India with 79% of its branches located in the south, while 558 branches are located in the state of Karnataka.
The Institutions and Non-Institutions hold a 20.80% and 79.20%, stake in the Bank, respectively.
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