Karnataka Bank trades flat after early gains; announces tie-up with Bajaj Allianz

The collaboration will leverage the strength of Bajaj Allianz’ s product capabilities and Karnataka Bank’s large customer base with wide distribution of over 900 branches, the lender has said

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The Karnataka Bank stock was trading flat on November 24 morning, a day after it announced a tie-up with Bajaj Allianz Life to distribute life insurance products.

The stock gained over a percent at the open but failed to hold on to the gain and was trading at Rs 216.25 on the NSE at 9.35 am.

In a regulatory filing, Karnataka Bank said the collaboration would leverage the strength of Bajaj Allianz’ s product capabilities and Karnataka Bank’s large customer base with a wide distribution network of over 900 branches across India.

Also read: Karnataka Bank Q2: Net profit drops 20% to Rs 330 crore, asset quality stays mixed

In Q2FY24, Karnatak Bank reported a 20 percent year-on-year drop in net profit at Rs 330 crore. Net interest income (NII) was Rs 822 crore against Rs 802 crore.

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Gross non-performing assets (GNPA) increased to 3.47 percent from 3.36 percent, while net non-performing asset improved to 1.36 percent from 1.72 percent.

Over the past month, the stock has gained 4 percent.

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