Anand Rathi 's research report on Karnataka Bank
Higher opex and credit cost led to a sharp decline in Karnataka Bank’s earnings. Asset quality and PCR improved. A greater build-up of stress would keep credit cost high and profitability subdued in the medium term.
Outlook
We cut our P/ABV multiple to 0.3x (earlier 0.4x), with a lower TP of `60 (earlier `95).
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