Buy Karnataka Bank; target of Rs 60: Anand Rathi
Anand Rathi is bullish on Karnataka Bank has recommended buy rating on the stock with a target price of Rs 60 in its research report dated June 09, 2020.10-06-2020
10-06-2020
KARNATAKA BANK LTD. - 532652 - Disclosure On Material Events Etc. In Terms Of SEBI Circular Dtd 20.05.2020
Disclosure on material events etc. in terms of SEBI Circular dtd 20.05.202009-06-2020
Earnings Call Transcript - Q4FY20 for Karnataka Bank
Conference Call with Karnataka Bank Management and Analysts on Q4FY20 and Full Year Earnings Performance and Outlook. Listen to the full earnings transcript. Call Participants: Mr. Mahabaleshwara M S - MD & CEO, Mr. Balachandra Y V - COO, Mr. Murlidhar Krishna Rao - CFO Introductory Remarks from Mahabaleshwara MS Good evening and welcome to all of you! Before starting management commentary on Q4FY20 earnings, I sincerely hope that all of you are well and healthy despite Covid-19 pandemic related health concerns which we are feeling across India and also across the globe. Nevertheless, this is the time wherein all of us must take care of ourselves, look after the family and of course our dearest and nearest ones as you all know that we are all passing through this only once. You must have observed that we were declaring our annual results during the second or third week of May itself. This year also we had planned like that but on account of Covid-19 pandemic, the statutory auditors had a lot of logistics problems especially in Mumbai and in spite of that, we are able to declare the result during the first week of June itself. The current fiscal year FY 20-21 has all the indications that the entire economic sectors and more so the banking sector is entering into an era of uncertainties. Hence, it makes sense to be cautious as well conservative to protect the bottom line. For us in Karnataka Bank, conserve and consolidate is our guiding principle for the current financial year because it is now almost certain that year 2021 will not be a normal year. Hence, keeping this in mind, today morning while interacting with the CNBC18 anchor, I had just recollected the whole advantage by saying that offline is vanity and bottom line is sanity. As far as Q4 earnings are concerned, detailed analysis is already uploaded on our website and let me now briefly touch upon the sales. You might have seen 20.76% growth in the operating profit during the Q4 of FY20. The operating profit went up from Rs 324.23 crore to Rs 391.5 crores. Similarly on YoY basis, there is a growth of 14.27%. Interest income went up by 7.05%. Other income, we had a robust growth of 51.54% which was supported by a solid deterring profit of Rs 155.74 crores, reserves is Rs 42.3 crore. The total income had a growth of 14.1% whereas total expenditure growth was at 12.7%. In the operating expenses, the establishment expenses have grown at a rate of 16.44% which is after making full provision of the salary as per the wage revision. We have contained all other expenses and reduced it by 14.8%. That is what we had been planning which we could achieve during the last quarter of the last financial year. There has been some good traction as per gross NPA is concerned. It now stands at Rs 2,799.93 crore. It was at 4.99% in last December and has now improved to 4.8%. During the last March 2019, it was 4.41%. Similarly, the net NPA for December 2019 was at 3.75% which now improved to 3.08%. The overall percentage of CASA is now at 28.91% which was 28.06% about a year back. 54% of customers have not yet opted for the moratorium even though the Bank has extended the moratorium facility as per Reserve Bank of India guidelines to all the eligible customers. This is the position of the bank related to the moratorium thing. Our transformation initiative, KBL Vikas is progressing well as per our expectation. Digital journey for SME loans, specially for the working capital sanction launched very recently. Our MSME term loans are in the final stage and are being taken care of through our digital center of excellence, Bengaluru. Other digital journeys like home loans, car loans, personal loans, everything is stabilised and now we have a very clear cut road map of 100% coverage under this sector for new sanctions. Similarly, we have already on a pilot basis, tested SB account trapped banking. We are going to roll out this all India very shortly. My performance management system is now stabilised, LMS (Lead Management System) is also stabilised. As we have already received the final permission for the subsidiary KBL Services ltd, we are going to launch it during the current financial year. As far as the outlook for the current financial year is concerned, we are not that optimistic because of the pessimistic surroundings. You might have noticed that as I said, in every sector barring a few areas, this type of uncertainty is there so then we may have to adopt a wait and watch situation. We might get 8-10% credit growth during the current year but I feel this is too early to make any comments on the growth prospects because we had a very lengthy discussion in our recently held board meeting. We will be keenly watching and accordingly, we will be revising our strategies also.08-06-2020
KARNATAKA BANK LTD. - 532652 - The Karnataka Bank Limited Has Informed The Exchange Regarding Notice Of Annual General Meeting To Be Held On July 17, 2020.
The Karnataka Bank Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on July 17, 2020.07-06-2020
Karnataka Bank Q4 net falls 56% to Rs 27 cr
Sequentially, net profit in the three months to March declined significantly from Rs 123.14 crore in the third quarter of FY20.07-06-2020
KARNATAKA BANK LTD. - 532652 - Audited Financial Results Published Earlier Today - Typographical Error In Reserves Figure
Audited Financial Results published earlier today - Typographical error in Reserves figure06-06-2020
KARNATAKA BANK LTD. - 532652 - Designation Of Mr. Ramesh S, General Manager, As The `Chief Risk Officer (CRO)'' Of The Bank.
Designation of Mr. Ramesh S, General Manager, as the `Chief Risk officer (CRO)'' of the Bank.06-06-2020
KARNATAKA BANK LTD. - 532652 - Results-Audited Financial Results For The Year Ended March 31, 2020.
Results-Audited Financial Results For The Year Ended March 31, 2020.06-06-2020
KARNATAKA BANK LTD. - 532652 - Reporting Of Frauds To RBI Reg.
Reporting of frauds to RBI reg.05-06-2020