Shares of Karnataka Bank today surged nearly 5 per cent after the company posted 22 per cent rise in net profit for the quarter ended June 30.
Private sector lender Karnataka Bank today posted a 21.9 per cent rise in net profit to Rs 163.24 crore for the first quarter this fiscal.
Indian markets expected to open with positive bias. Key Asian indices showing mixed cues. Nifty resistance seen at 11000 and support at 10750, 10830.
Trade war was the buzz word last week with U.S. imposing higher tariffs on Chinese imports since Friday and the Chinese govt retaliating within hours to impose higher tariffs on goods imported from America.
Private sector lender Karnataka Bank is targeting to disburse about Rs 9,000 crore agriculture loan this fiscal, seeing potential opportunities in the sector.
Private sector Karnataka Bank said it closed last fiscal with a net profit of Rs 325.61 crore.
Privately-run Karnataka Bank Ltd has informed the RBI that Gitanjali Gems of scam-hit Mehul Choksi had committed a Rs 86.5 crore fraud in the fund-based working capital.
Karnataka Bank reported a 27.5 percent rise in net profit at Rs 87.38 crore for the third quarter ended December 2017 even though provision for bad loans increased.
MD and CEO of the Bank, M S Mahabaleshwara said Karnataka Bank has achieved a milestone of Rs one lakh crore business in its activtities since its inception 93 years ago.
Karnataka bank has posted a net profit of Rs 93.38 crore during the second quarter of the current financial year.