Karnataka Bank Faces Leadership Shake-up: Emkay Global Downgrades Stock 5 days ago
Karnataka Bank is experiencing a significant leadership transition with the unexpected resignations of its Managing Director & CEO and Executive Director due to Board-level disagreements over a ₹1.50 crore consultancy expenditure. In response, Emkay Global has downgraded Karnataka Bank's rating from 'Buy' to 'Add' and reduced its price target by 15% to ₹220. The bank has formed a search committee to find suitable replacements for the vacant positions.
Karnataka Bank Demonstrates Financial Strength with Robust Capital Adequacy Ratio 6 days ago
Karnataka Bank Refutes 'Malicious' News Report, Reaffirms Financial Strength 6 days ago
Karnataka Bank's Top Leadership Shakeup: MD & CEO and Executive Director Step Down 6 days ago
Karnataka Bank's Top Executives Resign Citing Personal Reasons 6 days ago
More news about Karnataka Bank
28Jun 25
Karnataka Bank CEO Srikrishnan Sarma Steps Down Amid Spending Controversy
Karnataka Bank's CEO and Managing Director Srikrishnan Sarma has reportedly resigned following a dispute with the bank's board over unauthorized expenditures. The controversy emerged in May, but a formal announcement is pending board approval. This development raises questions about the bank's internal controls and financial oversight. Stakeholders are awaiting further details and the bank's plans to address the leadership transition.
14May 25
Karnataka Bank Reports Q4 NIM of 2.98%, Shows Mixed Financial Performance
Karnataka Bank's Q4 results show a 2.98% Net Interest Margin. Net profit decreased by 15.68% to ₹283.50 crore, while operating profit slightly declined by 3.81% to ₹1,500.50 crore. Total revenue grew modestly by 1.52% to ₹2,542.00 crore. Interest income increased by 3.54%, and non-interest income rose by 10.78%. Annual performance for FY2024 was more positive, with net profit up 10.68% to ₹1,306.30 crore and total revenue growing 17.10% to ₹9,617.40 crore.
Karnataka Bank's Q4 FY23 results show an 8% YoY decline in net profit to ₹252.40 crore, while full-year profit decreased by 2.6% to ₹1,272.37 crore. Net Interest Income fell 6.4% YoY. However, the bank improved its asset quality with GNPA at 3.08% and saw 15.44% growth in retail advances. A dividend of ₹5.00 per share was declared.
17Apr 25
Karnataka Bank Appoints Forensic Auditors to Review Suspicious UPI Transactions
Karnataka Bank has appointed M/s. Pipara & Co. LLP as forensic auditors to investigate suspicious global UPI transactions identified on February 17, 2023. This decision follows directions from the bank's board and the RBI. The bank previously reversed Rs 18.87 crore of suspicious cross-border UPI transactions and assures that regular operations and customer service remain unaffected.