SRIKRISHNAN H
Karnataka Bank approves Rs 600 crore QIP share allotment
Private lender Karnataka Bank’s committee of directors on Thursday approved the allotment of shares worth Rs 600 crore at a price of Rs 227 apiece to qualified institutional investors.
Our institutional holding is broad-based, not acquisition target any more: Srikrishnan H, Karnataka Bank
While we maintain a very healthy capital adequacy ratio, we have been judiciously churning tier-2 capital that was quite expensive. We have a follow-up round of tier-1 capital planned which will facilitate book-growth. Our NPA is largely from the historic book that has been adequately provided for, and our coverage ratio is high. We will, however, monitor and control any further slippages, says Srikrishnan H, MD & CEO, Karnataka Bank.
Karnataka Bank to raise Rs 100 cr equity from ICICI Lombard
Karnataka Bank has decided to allot Rs 100 crore worth of preferential shares to ICICI Lombard General Insurance as part of its plans to raise Rs 700 crore in fresh equity. The allotment is subject to regulatory and shareholder approval and will be raised through other permitted means. The bank raised Rs 800 crore through a preferential issue of shares in October last year.
Karnataka Bank posts all-time high profit
Mangaluru-based Karnataka Bank recorded a net profit of Rs 1,032.04 crore for the nine months of the financial year ending December 2023, a 25% YoY growth. The bank's Q3FY net profit stood at Rs 331.08 crore, a 10.11% increase YoY. The board of directors meeting in Mangaluru approved the financial results. Karnataka Bank's business turnover reached Rs 1,61,936.36 crore with advances of Rs 69,740.97 crore and deposits of Rs 92,195.39 crore. The bank's asset quality improved, with GNPA declining to 3.64% and NNPA declining to 1.55%.
Karnataka Bank Q3 Results: Net profit rises 10% YoY to Rs 331 crore
Net profit for the quarter stood at Rs 311 crore compared with Rs 301 crore a year ago, the Mangaluru-headquartered bank said on Tuesday. The bank said its net interest margin in the first nine months of FY23 shrank to 3.57% compared with 3.63% in the year-ago period.
Karnataka Bank & Clix Capital partner for co lending
The partnership is focused on providing loans to the Indian MSME sector which is one of the biggest contributors to India's GDP and employment growth. The agreement is in line with the Reserve Bank of India's guidelines on co-lending by banks and NBFCs to priority sectors.
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Karnataka Bank opens branch with mini e-lobby at Ayodhya
Ram Janmabhoomi Teerth Kshetra trustees Anil Mishra and Gopal Nagarakatte opened the branch and the e-lobby, respectively. Bank's independent director Justice A.V Chandrashekar, DGM (Delhi region) Basavaraj Desalli and AGM Madhava VP were present on the occasion.
Karnataka Bank & Satin Creditcare sign up for co-lending
Satin Creditcare chairman HP Singh said: "This strategic alliance with Karnataka Bank is a significant milestone for SCNL. By combining our strengths, we aim to uplift women entrepreneurs in rural and semi-urban India, thereby enhancing sustainable economic growth. Co-lending opens the door to more opportunities of broadening our presence. We look forward to the positive outcomes this collaboration will bring for the communities we serve."
Karnataka Bank inks pact with HDFC Life to distribute life insurance products
The partnership is a testament to the stated commitment to offer customers a range of innovative and customer-centric financial solutions. By combining Karnataka Bank’s century old banking experience and HDFC Life's expertise in providing quality life insurance products, this collaboration is set to deliver a host of benefits to customers seeking financial security and life protection, the bank said in a statement.
Karnataka Bank Q2 Results: Profit falls 20% YoY
The net interest income, however, improved by 2.45% to Rs 822.41 crore from Rs 802.73 crore in the same quarter last year. The bank's asset quality showed marginal decline this quarter as gross non-performing assets (NPAs) rose to 3.47 per cent of gross advances.
Karnataka Bank allots shares worth Rs 800 crore to 5 investors
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 to raise Rs 1,500 cr in equity to fund growth
Karnataka Bank has announced plans to raise approximately Rs 1,500 crore in fresh capital through a preferential issue, rights issue, QIP, or other permissible modes. The bank's board has approved the issuance of equity shares to several companies. The funds raised will be used to strengthen the bank's financial foundation for future growth and meet the needs of its growing business.
We are on right path as far as growth is concerned: Srikrishnan H, Karnataka Bank
Also so it is not as if we are really under but we will pick up soon because there are two three engines that are going to be firing because one is the branch engine, the second is a sales engine that we are wrapping around all of our branches with DSAs and sales staff and that would be particularly aimed at gold loan, agri as well as personal loans.
Can these guys make any difference in the payments bank ecosystem?
The RBI gave out 10 small finance bank licences mostly to micro finance institutions including Utkarsh Micro Finance, Ujjivan and Au Financiers.
Dengue, chikungunya infections in India underestimated: Study
Researchers estimated that on average, 23 per cent of those who have not yet been infected become infected by dengue every year.
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