India's Karnataka Bank jumps after Q3 profit surges

Karnataka Bank

03/02/2023 06:41

** Shares of Karnataka Bank Ltd  KBNK.NS  rise as much as
10% to 152 rupees, sharpest intraday pct gain since Dec. 26
    ** At session-high, shares top 50-day moving avg for first
time in 7 sessions, hit their highest since Jan. 18
    ** Private-sector lender reports Q3 profit more than doubles
    ** KBNK's interest earned rose 18.3% y-o-y, while gross bad
loans as a ratio of total loans fell to 3.28% from 3.36% in Q2
    ** Bank's net interest margin grew by 65 bps to 3.81%
    ** Trade volume exceeds 3.9 mln shares by noon IST, 2.2x the
30-day avg
    ** Stock last up 6%, cutting YTD losses to ~3.5%
 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))