Credit rating agency, Care Analysis & Research (CARE) has revised the rating from ‘A+’ to ‘A’ for the Lower Tier II Bonds of Karnataka Bank for an outstanding amount of Rs 350 crore.
Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of debt instruments. Besides, such instruments carry low credit risk.
Karnataka Bank has a national presence with a network of 463 branches across 19 states and 2 Union Territories. The bank has registered a jump of 67.59% in its net profit at Rs 83.43 crore for first quarter ended June 30, 2012 as compared to Rs 49.78 crore for the same quarter in the previous year. Total income of the bank has increased by 28.58% at Rs 988.66 crore for Q1FY13 as compared Rs 768.89 crore for the corresponding quarter previous year.
