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BRICS Securities: Buy Karnataka Bank at Rs 129-130
By siliconindia
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Tuesday, 28 June 2011, 18:47 IST
130.25.
Karnataka Bank a premier bank,have developed comprehensive range of customized products and services suitable for every kind of market, trade or perceived need - Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions. Their mission is to be a technology savvy, customer centric progressive bank with a national presence, driven by the highest standards of corporate governance and guided by sound ethical values.
The bank posted a net profit of 204.61 crore for the year 2010-11 recording a growth rate of 22.43 percent. The business turnover of the Bank has touched 44,684 crore registering a growth rate of 17.08 percent. On an year on year basis, the deposits of the Bank grew from 23,731 crore to 27,336 crore (15.19 percent increase) and advances grew from 14,436 crore to 17,348 crore (20.17 percent increase).
The Bank introduced a new Savings deposit scheme called KBL Vanitha exclusively for women, with insurance coverage for jewellery worth 50,000. The Bank is eyeing a business turnover of 54,000 crore for the year 2011-12 with deposits of 32,500 crore and advances of 21,500 crore.
