After reporting splendid Q2 numbers, this banking stock skyrocketed 20 per cent

Shares of the bank were buzzing on the bourses, hitting a 20 per cent upper circuit.

Karnataka Bank is now trading at its upper limit of Rs 112.55, up 19.99 per cent from its previous close on the BSE of Rs 93.80.

The stock reached a high of Rs 112.55 and a low of Rs 105 after opening at Rs 107.10. Around 1077889 shares were traded on the counter. A 52-week high of Rs 112.55 was reached today by this BSE group "A" stock, which has a face value of Rs 10, and a 52-week low of Rs 55.25.

In comparison to the same quarter last year, the bank's net profit increased more than thrice to Rs 411.63 crore during Q2FY23. In comparison to the same quarter last year, the bank's overall revenue climbed by 11.04 per cent, or Rs 2031.09 crore, to Rs 1829.16 crore.

The capital adequacy ratio increased by 83 bps year over year in the June quarter to 15.41 per cent, while ROE increased by 5 bps year over year to 6.39 per cent. At the moment, 93.04 per cent of the bank's customers are using digital devices (Internet Banking, Mobile Banking, IMPS, UPI transactions). The majority of the bank's customers are retail, accounting for 46.32 per cent of its total client base, followed by mid-sized corporations (32.81 per cent), and big corporations (20.87 per cent).

As a private sector bank, its services include current account, demand, time, cumulative, cash certificates, insurance-linked savings bank deposits, resident foreign currency accounts, and senior citizens deposit plans.

In India, the bank operates 879 branches and 879 ATMs. It has a significant presence in South India, with 79 per cent of its branches being there and 558 of them in the state of Karnataka.

Institutions hold 20.80 per cent and the Non-Institutions have 79.20 per cent stake, respectively.