Karnataka Bank gains on plan to open 75 new branches in current fiscal

The Karnataka Bank is currently trading at Rs 120.70, up by 0.35 points or 0.29% from its previous closing of Rs 120.35 on the BSE. The scrip opened at Rs 120.95 and has touched a high and low of Rs. 121.40 and Rs. 119.75 respectively. So far 207992 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 162.90 on 13-May-2013 and a 52 week low of Rs. 69.10 on 06-Aug-2013. Last one week high and low of the scrip stood at Rs. 122.85 and Rs. 115.65 respectively. The current market cap of the company is Rs. 2259.06 crore. The Institutions and Non-Institutions held 28.74% and 71.26% respectively. Karnataka Bank, the Mangalore based premier private sector bank, is planning to open 75 new branches across the country by the end of the current Fiscal, taking the total number of branches from 600 (as on March 31, 2014) to 675 (as on March 31, 2015). The bank is also planning to open 300 new ATMs to reach 1,000 ATMs by March 2015. Meanwhile, the bank has set a business target of Rs 83,000 crore for the current year with a growth rate of 20%. Karnataka Bank reported 33.25% rise in its net profit at Rs 106.70 crore for third quarter ended December 31, 2013 as compared to Rs 80.07 crore for the same quarter in the previous year. Total income of the bank increased by 10.94% at Rs 1165.54 crore for quarter under review as compared to Rs 1050.58 crore for the quarter ended December 31, 2012.