Fundamental Result Update

Karnataka Bank



The Karnataka Bank Ltd for the quarter ended Q4 FY 17 reported rise in its net profit by 30% YoY to Rs 138 crs. Sequentially the profit rose by 102%. This was majorly due to higher other income which amplified by 83.3% YoY and lower employee cost which fell by 30.6% QoQ and also higher operating income which grew 29.4% YoY and 91.6% QoQ .

Valuation: At CMP of Rs 164 the stock trades at 8.3 P/E(x) and 1.2 P/ABV(x) to its FY 19E. We have valued the stock at 1.35(x) to its FY 19E ABV and arrived at a fair value of Rs 190 for the stock. We have ‘ACCUMULATE’ rating for the stock.


Tags: FundamentalResult Update


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