This multibagger banking stock continues to post strong results. Do you own it?

The shares of the company have given multibagger returns of over 136 per cent returns in just 6 months and over 150 per cent returns in 1 year

On Tuesday, the shares of Karnataka Bank soared more than 5 per cent to make an intraday high of Rs 162 and closed at 2.17 per cent up at Rs 150.85.   

On the same day, the company posted their provisional numbers as on December 31, 2022.The bank’s deposits grew 7.87 per cent on YoY basis to Rs 84,592.60 crore. The bank witnessed a double-digit growth of 12.37 per cent on YoY basis in its gross advances to Rs 63,658.59 crore.   

The bank’s CASA deposits grew 9.95 per cent on YoY basis to Rs 26,991.74 crore. For the quarter ended September 2022, the bank had reported stellar results with the company’s net profit witnessing a three-fold jump to an all-time high level of Rs 412 crore.   

Karnataka Bank provides a wide range of banking & financial services involving retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business. Karnataka Bank Ltd is tying up with fintechs and implementing end-to-end digital solutions as it looks to turn into a digital bank by its centenary year in FY24.    

The shares of the company have given multibagger returns of over 136 per cent returns in just 6 months and over 150 per cent returns in 1 year. The FII’s have increased their stake from 11.92 per cent to 18.16 per cent, witnessing the most aggressive FII buying in this period under banking space.    

Keep a close eye on this trending multibagger banking stock.