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Anand Rathi Report
The weak Q4 operating performance stemmed from Karnataka Bank Ltd.’s lower net interest margin and higher opex, as also seen in Q3. However, lower provisions and taxes aided profitability, with return on asset at 0.96% (down 25 basis points).
Asset quality remained under pressure. Ahead, with credit growth likely in mid-teens and modest credit costs, earnings would be good, with the RoA likely sustaining above 1%.
We maintain a Buy, with a lower 12-month target price of Rs 298, 0.9 times price/book value on its FY26E book.
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