India's Karnataka Bank down as June-qtr net profit falls

Karnataka Bank

28/07/2021 07:48

** Shares of Karnataka Bank Ltd  KBNK.NS  fall as much as
4.5% at 56.65 rupees - their lowest since Dec. 29 
    ** KBNK posts net profit of 1.06 bln rupees ($14.24 mln) for
June qtr, a 46% fall from a yr ago 
    ** Net profit reduction is mainly on account of decline in
treasury gains, which are dependent on yield movements - CEO
Mahabaleshwara M. S. says in a statement https://bit.ly/3xdNcts
    ** KBNK's interest earned declines 5.7% to 15.24 bln rupees
    ** KBNK saw improvement in asset quality, with gross NPA
declining to 4.82% from 4.91% in previous qtr
    ** More than 2.2 mln shares traded by 0623 GMT, 2.3 times
their 30-day avg
    ** Two of 4 brokerages rate the stock "strong buy", 1 "hold"
and 1 "strong sell"; their median PT is 77 rupees
    ** As of last close, KBNK has risen 2.7% this year vs an
11.30% gain in the Nifty Bank Index  .NSEBANK  

($1 = 74.4325 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))