India's Karnataka Bank jumps 20% on quarterly profit rise

Karnataka Bank

02/11/2022 05:08

** Shares of private-sector lender Karnataka Bank Ltd
 KBNK.NS  rise as much as 20% to 111.6 rupees, highest level
since May 10, 2019
    ** Bank on Tuesday reported an over three-fold jump in
quarterly profit at 4.12 bln rupees ($49.82 million) from 1.26
bln rupees a year ago    
    ** KBNK's interest earned rose 13.96% to 17.71 bln rupees
from a year ago
    ** Co saw improvement in asset quality, with gross NPA
declining to 3.36% from 4.03% in previous qtr 
    ** Biggest percentage gain in more than 13 years    
    ** More than 19 mln shares traded, 7.5X their 30-day moving
avg of 2.5 mln shares 
    ** Median PT is 72 rupees - Refinitiv data
    ** Up to last close, stock up ~57% YTD, outperforming the
Nifty Bank index  .NSEBANK  which had risen 16.4%
($1 = 82.6930 Indian rupees)
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))