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Karnataka Bank shares gain 6% after quarterly business update

Shares of Karnataka Bank rose 6% on Monday after the bank released its quarterly update.

As of 10:31 a.m., the stock was up 5% at Rs 60.45 on BSE. The stock has gained the past two days and is up 10% over the period.

For the current fiscal year (2022-23), the preliminary forecast for growth in deposits is around 12% and for gross advances around 17% and CASA’s share of 35% of total deposits.

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The lender’s core deposits increased by 6% on an annual basis (YoY) to Rs 80,385.15 crore, while gross advances increased by 9.5% year-on-year to Rs 57,726.01 crore.

“According to provisional figures, the Bank reached an all-time high of 32.97% CASA deposits as of 31-03-2022,” said Shri Mahabaleshwara MS, MD and CEO of Karnataka Bank, speaking to staff members of the branches and offices across the country on April 1, 2022 from Mangaluru’s head office in virtual mode.

Over the past week, the stock has gained 7%, but has fallen 49% over the past three years.

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