India's Karnataka Bank hits near 11-mth high as profit rises, asset quality improves

Karnataka Bank

12/01/2021 09:23

** Shares of private-sector lender  KBNK.NS  rise as much as
11.2% to 71.3 rupees, their highest since Feb. 17, 2020
    ** KBNK reports 10% rise in Dec-qtr profit to 1.35 bln
rupees ($18.41 mln), helped by a 32% drop in provisions
 urn:newsml:reuters.com:*:nFWN2JM1OY
    ** Gross bad loans as a measure of total loans, a measure of
asset quality, falls to 3.16% from 3.97% in the previous qtr
    ** ~20 mln shares change hands by 0917 GMT vs 30-day avg of
5 mln shares
    ** Stock up ~11% YTD up to last close, vs a ~12% drop in
2020

($1 = 73.3483 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))