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Karnataka Bank shares gain 6% post quarterly business update

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Karnataka Bank share price: Shares of Karnataka Bank rose as much as 6 percent on Monday after the bank reported its quarterly business update. The lender's core deposits grew 6 percent on a Year-on-Year (YoY) basis to Rs 80,385.15 crore, while gross advances were up 9.5 percent YoY at Rs 57,726.01 crore.

Karnataka Bank shares gain 6% post quarterly business update
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Shares of Karnataka Bank rose as much as 6 percent on Monday after the bank reported its quarterly business update.
At 10:31 am, the stock was up 5 percent at Rs 60.45 on BSE. The stock has been gaining for the last two days and has risen 10 percent during the period.
For the current Financial Year (2022-23), tentative guidance for growth in deposits is at about 12 percent and for gross advances about 17 percent and share of CASA to be 35 percent of the total deposits.
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The lender's core deposits grew 6 percent on a Year-on-Year (YoY) basis to Rs 80,385.15 crore, while gross advances were up 9.5 percent YoY at Rs 57,726.01 crore.
"As per the provisional numbers Bank has achieved an historic high of 32.97 percent CASA deposits as on 31-03-2022," said Shri Mahabaleshwara MS, MD & CEO of Karnataka Bank, addressed the staff members of branches and offices across the country on April 1, 2022 from the Head Office, Mangaluru through virtual mode.
In the past one week, the stock has gained 7 percent but they have fallen 49 percent in the past three years.
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