Karnataka Bank shines on inking pact with KPMG Advisory Services

Karnataka Bank is currently trading at Rs. 119.75, up by 1.45 points or 1.23% from its previous closing of Rs. 118.30 on the BSE.

The scrip opened at Rs. 118.50 and has touched a high and low of Rs. 124.60 and Rs. 117.10 respectively. So far 24, 69,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 124.60 on 12-Oct-2012 and a 52 week low of Rs. 64.00 on 29-Dec-2011.

Last one week high and low of the scrip stood at Rs. 124.60 and Rs. 109.20 respectively. The current market cap of the company is Rs. 2,254 crore.

The Institutions and Non-Institutions held 18.95% and 81.05% respectively.

Karnataka Bank, Mangalore-based private sector bank inked pact with KPMG Advisory Services for business process re-engineering (BPR) implementation. It aims to double business in the next three years with the help of BPR. It will roll out BPR initiative across its 510 branches. The entity will comprehensively re-engineer and re-position its marketing efforts, sector prioritization, delivery channels, brand building, through this BPR.

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.