Karnataka Bank

July 1 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK - DEPOSITS UP 6.94% Y/Y AS OF JUNE END

• KARNATAKA BANK LTD - GROSS ADVANCES UP 16.59% YOY AS ON JUNE 30

Source text: ID:nBSECDptc

Further company coverage: KBNK.NS

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** Shares of India's Karnataka Bank KBNK.NS up as much as 4.76% to 259.55 rupees

** Co posted a net profit of 4.08 billion rupees($42.14 million)in Q4, up ~62% Y/Y

** ICICI Direct Research says KBNK's strong Q4 was driven by improved core operating performance, margin expansion and lower operating expenses

** Brokerage highlights healthy loan and deposit growth, improved asset quality and a stronger low-cost deposit mix

** Trading vols of 6.24 million shares, more than 2 times the 30-day average of about 3 million shares

** YTD stock up ~21%

($1 = 96.8200 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

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May 19 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• Q4 NET PROFIT 4.08 BILLION RUPEES

• Q4 GROSS NPA 2.78%

• Q4 INTEREST EARNED 22.57 BILLION RUPEES

• Q4 PROVISIONS AND CONTINGENCIES 903.4 MILLION RUPEES

Source text: ID:nnAZN4SX6S4

Further company coverage: KBNK.NS

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April 21 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - PARTNERS WITH PINE LABS FOR POINT OF SALE SERVICES

Source text: ID:nBSE8L2wyK

Further company coverage: KBNK.NS

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April 1 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - GROSS ADVANCES UP 6.9% YOY AS OF MARCH END

• KARNATAKA BANK LTD - PROVISIONAL DEPOSITS AS OF MARCH-END UP 3.8% Y/Y

Source text: ID:nnAZN4SOJBS

Further company coverage: KBNK.NS

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Feb 10 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK Q3 NET PROFIT 2.91 BILLION RUPEES

• KARNATAKA BANK Q3 GROSS NPA 3.32%

• KARNATAKA BANK Q3 INTEREST EARNED 22.20 BILLION RUPEES

• KARNATAKA BANK Q3 PROVISIONS AND CONTINGENCIES 948.6 MILLION RUPEES

Source text: ID:nnAZN4SFUEJ

Further company coverage: KBNK.NS

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** Shares of Karnataka Bank KBNK.NS climb 9.2% to 191.11 rupees
** 3.9 mln shares changed hands across six block deals as of 2:20 P.M. IST at a premium of 4.2% to 9.7% to previous close, as per LSEG data
** Stock set to rise most in a session since June 30, 2023
** Stock moved above its 50-day, 100-day, 200-day simple moving avgs during the session
** About 29.4 mln shares traded, 14.7x their 30-day moving avg
** Shares changed hands most in a session since June 30, 2023
** YTD, KBNK down ~11%

(Reporting by Anuran Sadhu in Bengaluru)

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Sept 3 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - RAJA B S SELECTED AS COO OF KARNATAKA BANK

Source text: ID:nBSE7V3CH3

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Aug 12 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - Q1 NIM AT 2.82%

Source text: ID:nBSE2BB7gC

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July 14 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK - APPOINTS RAGHAVENDRA SRINIVAS BHAT AS ADDITIONAL DIRECTOR IN CAPACITY OF MD, CEO

• KARNATAKA BANK - APPOINTMENT FOR 3 MONTHS OR TILL APPOINTMENT OF REGULAR MD, CEO

Source text: ID:nBSE5gWdCC

Further company coverage: KBNK.NS

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July 2 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - RAGHAVENDRA SRINIVAS BHAT ASSUMES CHARGE AS COO

Source text: ID:nBSE8NZvXN

Further company coverage: KBNK.NS

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June 30 (Reuters) - Shares of Karnataka Bank KBNK.NS fell as much as 8.5% on Monday, and were headed for their worst session in nearly five months, a day after the Indian lender's top boss and a board member stepped down.

The stock opened 4% lower and accelerated declines. It was last down 8%.

On Sunday, the bank said its Managing Director and Chief Executive Officer, Srikrishnan Hari Hara Sarma, had resigned citing "personal reasons, including his decision to relocate back to Mumbai".

Sekhar Rao, an executive director and a member of the board of directors, also resigned due to personal reasons.

Sarma's resignation is effective from July 15, while that of Rao is effective from July 31, the bank said.

A committee has been set up to identify suitable replacements for the roles, the bank said, adding it is taking necessary steps to ensure operational stability.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sumana Nandy)

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** Shares of Karnataka Bank KBNK.NS fall as much as 2.9% to 169 rupees, lowest since June 30, 2023

** Stock closed 1.4% lower on Monday

** The private lender said on Monday it identified deficiencies in its reconciliation process for cross-border UPI transactions

** Adds, co could incur an estimated loss of about 185.7 million rupees ($2.14 million) from the reconciliation process

** The lender has flagged the matter to the Reserve Bank of India

** Stock eyes fourth straight day of fall; down over 11% so far this month

($1 = 86.9650 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Jan 31 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - Q3 NIM AT 3.02%

Source text: ID:nBSE8kWtPX

Further company coverage: KBNK.NS

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Oct 23 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK Q2 NET PROFIT 3.36 BILLION RUPEES

• KARNATAKA BANK Q2 GROSS NPA 3.21%

• KARNATAKA BANK Q2 INTEREST EARNED 22.34 BILLION RUPEES

• KARNATAKA BANK Q2 NET NPA 1.46%

• KARNATAKA BANK Q2 PROVISIONS AND CONTINGENCIES 313.3 MILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: KBNK.NS

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** Shares of oldest U.S. bank BNY BK.N up 1.9% at $72.55 in early trading

** Deutsche Bank upgrades BK to "buy" from "hold"; raises PT to $80 from $66, a 11.4% upside to stock's last close

** Brokerage says containing expense growth to low single-digit combined with healthy capital return should enable BK to post double digit EPS growth through 2026

** Adds that this would make BK an outlier within the trust bank peer group

** Stock should command a better valuation as BK has achieved four straight years of double digit EPS growth - Deutsche Bank

** Twelve of 18 brokerages rate the stock "buy" or higher and six "hold"; their median PT is $73 - LSEG data

** As of last close, BK shares up 38% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

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July 26 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• PARTNERS WITH ICICI LOMBARD GENERAL INSURANCE CO.

Source text for Eikon: ID:nBSEztCJ6

Further company coverage: KBNK.NS

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** Shares of Karnataka Bank KBNK.NS gain ~2% at 232.51 rupees

** Lender's Q1 net profit climbs 8% Y/Y; 16% Y/Y interest income growth

** Gross non performing assets as a percentage to total loans improved to 3.54% from 3.53% previous qtr

** Stock, however, down 0.5% YTD after three straight annual gains

(Reporting by Kashish Tandon in Bengaluru)

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May 17 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - BANK HAS INITIATED CORRECTIVE MEASURES AS NECESSARY IN LINE WITH STIPULATIONS OF RBI

• KARNATAKA BANK LTD - THERE IS NO IMPACT ON FINANCIAL, OPERATION OF BANK AFTER RBI PENALTY

Source text for Eikon: ID:nBSE6jx0SW

Further company coverage: KBNK.NS

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April 10 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK PARTNERS WITH FISDOM

• PARTNERS WITH FISDOM TO OFFER STOCK BROKING SERVICES AND 3-IN-1 ACCOUNTS

Source text for Eikon: ID:nBSE48RPp9

Further company coverage: KBNK.NS

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March 28 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK LTD - APPROVED ISSUE OF 26.4 MILLION EQUITY SHARES TO 25 ELIGIBLE QUALIFIED INSTITUTIONAL BUYERS

• KARNATAKA BANK LTD - APPROVED ISSUE OF SHARES AT ISSUE PRICE OF 227 RUPEES PER SHARE

• KARNATAKA BANK LTD - ISSUE OF SHARES WORTH 6 BILLION RUPEES

Source text for Eikon: ID:nNSE1Nnk6w

Further company coverage: KBNK.NS

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SYDNEY, Feb 20 (Reuters) - Australia's Competition Tribunal approved ANZ Group's ANZ.AX A$4.9 billion ($3.2 billion) buyout of Suncorp's SUN.AX banking business on Tuesday, allowing the bank to press ahead the acquisition.

The takeover still requires approval by Australian Treasurer Jim Chalmers and a sign-off from the government of Queensland, where Suncorp is based.

Here is some reaction from financial markets:

AZIB KHAN, BANKING ANALYST AT E&P FINANCIAL:

"We expect completion of the acquisition to weigh on ANZ’s relative share price performance as it reduces the magnitude of potential capital return, and will see ANZ dealing with the integration over the next 3 years for potentially very modest EPS accretion. We also believe the acquisition will add to ANZ’s cost challenges and that the acquisition will not significantly shift the dial in terms of ANZ’s capital allocation which sees the greatest percentage of capital being allocated to its lowest ROE division (being Institutional)."

MORNINGSTAR ANALYST NATHAN ZAIA:

"The acquisition adds scale to areas where ANZ Bank trails major bank peers, with home loans balances to increase by 18%, customer deposits by 14%, and business lending by 9% (but likely closer to 20% in SME lending). Consolidating systems and processes should help lower the cost base, and we see potential for some funding cost savings over time given ANZ's better credit rating. The integration risks are worth taking in our view."

CLAYTON UTZ PARTNER KIRSTEN WEBB:

"The decision shows the important role of merits review by the Australian Competition Tribunal, as a specialist body bringing together law, economics and industry expertise, in deciding whether mergers should proceed especially where public benefits are involved. The ACCC is an experienced regulator, but in the small number of contentious mergers, reasonable minds can differ and the ACCC, which often heavily focuses on theoretical concerns, might not always get it right."

HAYDN FLACK, A PARTNER AT LAW FIRM MINTER ELLISON:

"Policy makers will be assessing what the decision means in the context of the merger reform debate and the ongoing review by Treasury's Competition Taskforce. Everyone will be watching for how this result, and the Tribunal's full reasons when they are finally made public, impact the debate over merger reform."

(Writing by Praveen Menon; Editing by Neil Fullick and Stephen Coates)

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Jan 29 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• PARTNERS WITH NORTHERN ARC CAPITAL LIMITED NPOS PLATFORM FOR CO-LENDING AND POOL BUYOUT

Source text for Eikon: ID:nBSE6wJ6X7

Further company coverage: KBNK.NS

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Jan 23 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• DEC-QUARTER NET PROFIT 3.31 BILLION RUPEES VERSUS PROFIT 3.01 BILLION RUPEES

• DEC-QUARTER GROSS NPA 3.64% VERSUS 3.47% PREV QUARTER

• DEC-QUARTER INTEREST EARNED 21.13 BILLION RUPEES VERSUS 18.51 BILLION RUPEES

• DEC-QUARTER PROVISIONS AND CONTINGENCIES 1.44 BILLION RUPEES VERSUS 1.65 BILLION RUPEES

• DEC-QUARTER NET NPA 1.55% VERSUS 1.36% PREV QUARTER

Further company coverage: KBNK.NS

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Jan 16 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• KARNATAKA BANK AND CLIX CAPITAL ENTER INTO CO-LENDING PARTNERSHIP THROUGH YUBI PLATFORM

Source text for Eikon: ID:nBSEGjRwz

Further company coverage: KBNK.NS

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** Shares of Karnataka Bank KBNK.NS up 8.4% to 274.80 rupees, hitting a record high

** Ambit Capital initiates coverage with a 'buy' rating and target price of 340 rupees, ~24% higher than current price

** Initiatives on loan sourcing and collections, and secured loan book to drive credit-cost decline - brokerage

** Adds improvement in tech, new channels and products like co-lending to better competitive position, drive 18% compound annual growth rate of loans over FY23-26E

** Net interest margin to settle 70 bps higher than pre-COVID levels due to better credit-deposit ratio - Ambit

** KBNK on track for best day since late June 2023

** Busiest session since late September; more than 10.5 mln shares change hands, over 5 times the 30-day avg

** Stock rose 54% in 2023, third straight year of gains

(Reporting by Dimpal Gulwani in Bengaluru)

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Jan 5 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• SATIN CREDITCARE NETWORK LIMITED AND CO ENTER INTO CO-LENDING AGREEMENT

Source text for Eikon: ID:nBSE9svRSf

Further company coverage: KBNK.NS

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Dec 28 (Reuters) - Satin Creditcare Network Ltd SATR.NS:

• ENTERED INTO MASTER AGREEMENT FOR CO-LENDING LOANS TO MICRO-FINANCE BORROWERS WITH KARNATAKA BANK

• RATIO OF 80:20 WILL BE FUNDED BY BANK AND COMPANY RESPECTIVELY

Further company coverage: SATR.NS

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Nov 23 (Reuters) - Karnataka Bank Ltd KBNK.NS:

• TIES UP WITH BAJAJ ALLIANZ LIFE INSURANCE CO TO DISTRIBUTE LIFE INSURANCE PRODUCTS

Source text for Eikon: ID:nBSE9g5W20

Further company coverage: KBNK.NS

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** Shares of HDFC Life Insurance Co HDFL.NS rise 2.62% to 669.50 rupees, highest since Sept. 12, 2023

** HDFL among top gainers in financial services .NIFTYFIN and the benchmark Nifty 50 index .NSEI, both up about 0.6%

** Financials fell lost 1.08% over the last two sessions after India's central bank tightened norms for consumer credit

** HDFL, however, is on a three-day winning streak, adding about 5.3%

** Karnataka Bank signed pact with HDFL to distribute life insurance products, HDFL said post market hours on Monday

** However, Reuters could not determine a reason for the move in the stock

** 25 analysts rate stock "buy" or higher, and five "hold"; median PT is 740 rupees - LSEG data

** HDFL up 18.2% in 2023 so far, compared to 3.4% rise in financial services index

(Reporting by Bharath Rajeswaran in Bengaluru)

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