Karnataka Bank reported the December quarter NII at Rs 827.60 crore down by 0.86% from Rs 834.76 crore reported in the year-ago period. Meanwhile, the NIMs were lower by 35 bps at 3.46% for the October-December quarter versus 3.81% reported in Q3FY23.
Karnataka Bank s shares saw a significant decline of 7.39%, falling to ₹217 per share, in today s trading session, following the release of the bank s Q2FY24 financial results. This substantial drop represents the stock s most significant intraday decrease since September 12, 2023.
Karnataka Bank MD & CEO Srikrishnan H said in a statement: "We are happy to have completed a successful Capital raise through Pref Allotment of Rs. 800 crore to 5 Marquee Institutional Investors. This is a major step in our transformation journey providing us the growth capital that will facilitate all our developmental activities.”
Karnataka Bank: ICICIdirect said the cost of funds may increase in the near term but the focus on liabilities accretion, improvement in CD ratio and shift from low yield business is expected to offset pressure
Karnataka Bank share price: Domestic brokerage Axis Securities has given a 'Buy' call on the counter with a target price of Rs 250 over a period of 12 to 18 months. "The management is centralizing processes to build capacities on the operational and technological side as well as to deploy sales teams outside the branches," it stated.