Karnataka Bank Ltd Research Reports

Karnataka Bank is a century-old scheduled commercial bank that has never lost money in any financial year - a claim few Indian lenders can make - and it is now rebuilding itself as a digital-first universal bank from its Mangaluru base. Founded in 1924 with just over eleven thousand rupees in paid-up capital, it grew by acquiring three other Karnataka banks in the 1960s and later became one of the first Indian banks to adopt core banking, before launching a multi-wave transformation programme called KBL VIKAAS with Boston Consulting Group in 2017. Everything the bank does today flows from a single recurring approach: use a granular, low-cost deposit franchise built on multi-generational family relationships to fund a lending book that is being deliberately tilted away from low-yielding corporate loans and toward higher-yielding retail, agriculture and MSME advances, while wrapping the whole operation in a layer of fintech partnerships and digital plumbing.

Business segments

Four engines that feed each other - a granular deposit franchise that funds the lending machine, a retail-and-MSME loan book that is steadily replacing low-yield corporate assets, a treasury that manages the surplus, and a fee-income layer stitched on top through partnerships.

1. Deposits and liability franchise: the low-cost fuel that powers everything

A vast pool of small, sticky retail deposits - not bulk institutional money - provides the cheap funding that makes the lending engine viable.

Granular by design - retail term deposits below ₹3 crore account for over 90% of all term deposits, and the top 20 depositors together represent 3.34% of total deposits, so the bank is not hostage to any single large customer pulling funds.
CASA is the strategic prize - current and savings account balances make up roughly a third of total deposits, and the bank actively chases government tax-collection mandates, state treasury systems like Khajane-II, and corporate salary accounts to keep that low-cost share growing.
Multi-generational stickiness - families have banked with Karnataka Bank for two or three generations, which means the deposit base does not flee at the first sign of a competitor offering a slightly higher rate.
Agency-bank status opens doors - empanelled by the Reserve Bank as an agency bank since 2021, it can collect direct taxes, GST and customs duty, and it handles state revenue collections for Karnataka, giving it a steady flow of government floats at negligible cost.

2. Retail, agriculture and MSME lending: the deliberate rebalancing act

The bank is shrinking its low-yielding corporate and food-credit book and replacing it with higher-yielding loans to individuals, farmers and small businesses - and it is doing it through a mix of branches, doorstep partners and digital underwriting.

Collateral-heavy, not credit-card light - three-quarters of the entire loan book is backed by collateral, and the bank does not issue its own credit card; its first unsecured product was a credit line on UPI launched only recently with a fintech partner.
Gold and homes are the anchors - gold loans and housing loans are the flagship retail products, with gold now available at the customer’s doorstep through a partnership with SahiBandhu, a gold-loan aggregator backed by the Manipal Group.
Digital sanction in minutes - under the KBL Xpress brand, home, car and cash loans get in-principle approval in 10 to 30 minutes, and over 90% of eligible retail and MSME sanctions now flow through a digital underwriting engine powered by a business-rule engine.
MSME reach through clusters and co-lending - the bank is present in more than 200 of the 388 UNIDO-identified MSME clusters across India, and it shares credit risk with five co-lending partners including Clix Capital, extending loans to small businesses in geographies where it has no branch.
Agriculture goes beyond crop loans - 83 dedicated agriculture field officers source proposals for dairy financing via a partnership with Digivriddhi at Karnataka Milk Federation societies, solar-energy loans under the Ravi Kiran scheme, and tobacco-grower finance through a tie-up with the Tobacco Board of India.

3. Corporate and wholesale banking: the legacy book being rationalised

Large-company lending still exists, but it is being deliberately run down in favour of the RAM segment, while a mid-corporate business line is being built from scratch.

The book they are shrinking - the corporate portfolio includes inter-bank participation certificates and food credit, both low-yielding, and the stated strategy is to replace them with higher-yielding advances.
Mid-corporate is the new bet - a separate wholesale-banking department was carved out with zonal structures, and a head was recruited from DBS and Standard Chartered to build a mid-sized corporate business that sits between SME and large corporate.
Builder relationships feed retail - construction-level financing to builders in cities like Bangalore, Mangalore and Chennai creates a pipeline of retail home loans and commercial rental-discounting loans once the projects are complete.
Concentration is contained - no single industry accounts for more than 5% of total gross credit exposure, and the top 50 borrowers, all standard as of early 2022, represented about 17% of the book.

4. Treasury operations: the surplus manager and statutory guardian

The treasury invests the bank’s excess deposits in government bonds and other fixed-income instruments, manages foreign-exchange risk for corporate clients, and keeps the liquidity buffer well above regulatory floors.

Sovereign debt is the core holding - the investment portfolio is predominantly parked in government securities to meet statutory liquidity requirements, with short-term surpluses deployed in commercial paper, certificates of deposit and mutual funds.
Forex and derivatives for corporate clients - the integrated treasury in Mumbai offers forward contracts, interest-rate swaps and currency swaps, giving the bank’s corporate borrowers a reason to keep their trade business with Karnataka Bank.
Liquidity buffer is deep - the liquidity coverage ratio sits at 165%, well above the 100% statutory minimum, and the bank has been exercising call options on legacy high-cost Tier II bonds to reduce its interest burden.

5. Third-party products and fee income: the partnership layer

Since the bank does not manufacture insurance, mutual funds or credit cards itself, it distributes other companies’ products and collects a commission on every sale - turning its branch network and digital app into a financial supermarket.

Mutual funds and trading on one app - through a tie-up with FISDOM, customers can invest across more than 40 asset management companies and open a three-in-one savings-demat-trading account, all inside the bank’s mobile app.
Co-branded credit cards without the balance-sheet risk - the bank partnered with SBI Cards to issue co-branded cards, with over 2.4 lakh cards outstanding, earning a share of the economics without building a card-issuing infrastructure of its own.
Government and toll-collection fees - acting as an agency bank for direct tax, GST and customs duty collection, and distributing FASTag for toll payments, generates a steady stream of transaction-based fee income.

Digital and technology backbone

A shared digital infrastructure - built over three waves of transformation, housed in a dedicated Bengaluru tech hub, and running on a cloud-based data platform - powers customer acquisition, underwriting and servicing across every business segment.

The Bengaluru brain - a 40,000-square-foot Technology, Digital and Product Hub houses over 300 skilled employees who build digital products, run analytics and manage the bank’s API developer portal with over 570 APIs.
Analytics factory driving leads - the Analytical Centre of Excellence, set up with EY, has deployed over 40 predictive models that tell branches which customer is likely to take a loan, which deposit relationship is at risk, and which micro-market to focus on next.
Digital adoption is near-total - over 96% of all transactions happen through digital channels, and over 87% of CASA accounts are opened digitally, which means the branch is increasingly a trust-and-advice outpost rather than a transaction-processing centre.
Cyber defences run around the clock - a captive security operations centre monitors threats 24 hours a day, backed by an enterprise-level fraud-risk management system, anti-DDoS protection and dark-web monitoring, with the whole IT setup certified under ISO 27001.

Group structure and partners

A lean group structure - one wholly owned non-financial subsidiary that handles back-office and sales work, plus a web of fintech, insurance and co-lending partnerships - extends the bank’s reach without bloating its own balance sheet or headcount.

KBL Services Limited does the heavy lifting - this wholly owned subsidiary, operational since March 2021, runs the contact centre, manages alternate banking channels, provides IT support and deploys sales officers for customer acquisition, letting the bank scale field capacity without adding fixed costs at the parent level.
A stake in general insurance - the bank holds a 6% equity stake in Universal Sompo General Insurance and acts as its corporate agent, creating a small vertical integration between manufacturing and distribution of insurance.
Fintech partners fill product gaps - Navi Technologies powers the credit-line-on-UPI product, SahiBandhu runs doorstep gold loans, FISDOM enables mutual-fund and equity trading on the bank’s app, and Yubi provides a digital co-lending platform to onboard NBFC partners.
Co-lending extends credit reach - five co-lending partners, including Paisalo Digital for micro and small enterprises and Satin Creditcare for women’s joint-liability groups, allow the bank to book assets in geographies and customer segments its own 975 branches cannot physically reach.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,027	2,113	2,201	2,278	2,234	2,243	2,258	2,261	2,179	2,220	2,257	2,383
Growth YoY Revenue Growth YoY%	14.4	14.2	11.7	16.3	10.2	6.2	2.6	-0.7	-2.5	-1.0	-0.1	5.4
Interest Expended Interest ExpendedCr	1,204	1,285	1,367	1,375	1,401	1,450	1,478	1,506	1,451	1,428	1,414	1,444
Expenses ExpensesCr	670	758	938	664	674	743	865	757	651	737	717	742
Financing Profit Financing ProfitCr	153	70	-104	239	159	50	-84	-2	77	55	126	196
FPM FPM%	7.5	3.3	-4.7	10.5	7.1	2.2	-3.7	-0.1	3.5	2.5	5.6	8.2
Other Income Other IncomeCr	250	326	419	279	270	299	428	358	343	302	399	355
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	402	396	315	518	429	349	344	357	420	357	525	552
Tax TaxCr	72	65	41	118	93	66	92	64	101	66	117	133
PAT PATCr	330	331	274	400	336	284	253	293	319	291	408	419
Growth YoY PAT Growth YoY%	-19.7	10.2	-22.4	8.0	1.8	-14.4	-8.0	-26.9	-5.1	2.5	61.6	43.3
NPM NPM%	16.3	15.7	12.5	17.6	15.1	12.6	11.2	12.9	14.7	13.1	18.1	17.6
EPS EPS₹	10.6	9.8	7.9	10.6	8.9	7.5	6.7	7.7	8.4	7.7	10.8	11.1
Ratios Ratios

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

2,027

2,113

2,201

2,278

2,234

2,243

2,258

2,261

2,179

2,220

2,257

2,383

Growth YoY

Revenue Growth YoY%

14.4

14.2

11.7

16.3

10.2

6.2

2.6

-0.7

-2.5

-1.0

-0.1

5.4

Interest Expended

Interest ExpendedCr

1,204

1,285

1,367

1,375

1,401

1,450

1,478

1,506

1,451

1,428

1,414

1,444

Expenses

ExpensesCr

670

758

938

664

674

743

865

757

651

737

717

742

Financing Profit

Financing ProfitCr

153

-104

239

159

-84

-2

126

196

FPM

FPM%

7.5

3.3

-4.7

10.5

7.1

2.2

-3.7

-0.1

3.5

2.5

5.6

8.2

Other Income

Other IncomeCr

250

326

419

279

270

299

428

358

343

302

399

355

Depreciation

DepreciationCr

PBT

PBTCr

402

396

315

518

429

349

344

357

420

357

525

552

Tax

TaxCr

118

101

117

133

PAT

PATCr

330

331

274

400

336

284

253

293

319

291

408

419

Growth YoY

PAT Growth YoY%

-19.7

10.2

-22.4

8.0

1.8

-14.4

-8.0

-26.9

-5.1

2.5

61.6

43.3

NPM

NPM%

16.3

15.7

12.5

17.6

15.1

12.6

11.2

12.9

14.7

13.1

18.1

17.6

EPS

EPS₹

10.6

9.8

7.9

10.6

8.9

7.5

6.7

7.7

8.4

7.7

10.8

11.1

Ratios

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	2,027	2,113	2,201	2,278	2,234	2,243	2,258	2,261	2,179	2,220	2,257	2,383
Growth YoY Revenue Growth YoY%	14.4	14.2	11.7	16.3	10.2	6.2	2.6	-0.7	-2.5	-1.0	-0.1	5.4
Interest Expended Interest ExpendedCr	1,204	1,285	1,367	1,375	1,401	1,450	1,478	1,506	1,451	1,428	1,414	1,444
Expenses ExpensesCr	670	758	938	664	674	743	865	757	651	737	717	742
Financing Profit Financing ProfitCr	153	70	-104	239	159	50	-84	-2	77	55	126	196
FPM FPM%	7.5	3.3	-4.7	10.5	7.1	2.2	-3.7	-0.1	3.5	2.5	5.6	8.2
Other Income Other IncomeCr	250	326	419	279	270	299	428	358	343	302	399	355
Depreciation DepreciationCr	0	0	0	0	0	0	0	0	0	0	0	0
PBT PBTCr	402	396	315	518	429	349	344	357	420	357	525	552
Tax TaxCr	72	65	41	118	93	66	92	64	101	66	117	133
PAT PATCr	330	331	274	400	336	284	253	293	319	291	408	419
Growth YoY PAT Growth YoY%	-19.7	10.2	-22.4	8.0	1.8	-14.4	-8.0	-26.9	-5.1	2.5	61.6	43.3
NPM NPM%	16.3	15.7	12.5	17.6	15.1	12.6	11.2	12.9	14.7	13.1	18.1	17.6
EPS EPS₹	10.6	9.8	7.9	10.6	8.9	7.5	6.7	7.7	8.4	7.7	10.8	11.1
Ratios Ratios

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

2,027

2,113

2,201

2,278

2,234

2,243

2,258

2,261

2,179

2,220

2,257

2,383

Growth YoY

Revenue Growth YoY%

14.4

14.2

11.7

16.3

10.2

6.2

2.6

-0.7

-2.5

-1.0

-0.1

5.4

Interest Expended

Interest ExpendedCr

1,204

1,285

1,367

1,375

1,401

1,450

1,478

1,506

1,451

1,428

1,414

1,444

Expenses

ExpensesCr

670

758

938

664

674

743

865

757

651

737

717

742

Financing Profit

Financing ProfitCr

153

-104

239

159

-84

-2

126

196

FPM

FPM%

7.5

3.3

-4.7

10.5

7.1

2.2

-3.7

-0.1

3.5

2.5

5.6

8.2

Other Income

Other IncomeCr

250

326

419

279

270

299

428

358

343

302

399

355

Depreciation

DepreciationCr

PBT

PBTCr

402

396

315

518

429

349

344

357

420

357

525

552

Tax

TaxCr

118

101

117

133

PAT

PATCr

330

331

274

400

336

284

253

293

319

291

408

419

Growth YoY

PAT Growth YoY%

-19.7

10.2

-22.4

8.0

1.8

-14.4

-8.0

-26.9

-5.1

2.5

61.6

43.3

NPM

NPM%

16.3

15.7

12.5

17.6

15.1

12.6

11.2

12.9

14.7

13.1

18.1

17.6

EPS

EPS₹

10.6

9.8

7.9

10.6

8.9

7.5

6.7

7.7

8.4

7.7

10.8

11.1

Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	6,475	6,232	6,222	7,220	8,299	9,014	8,918	9,039
Growth Revenue Growth%		-3.7	-0.2	16.1	14.9	8.6	-1.1	0.5
Interest Expended Interest ExpendedCr	4,444	4,049	3,731	4,035	5,000	5,703	5,799	5,738
Expenses ExpensesCr	2,706	2,902	2,677	2,651	2,983	2,854	2,757	2,848
Financing Profit Financing ProfitCr	-676	-719	-186	534	316	457	362	454
FPM FPM%	-10.4	-11.5	-3.0	7.4	3.8	5.1	4.1	5.0
Other Income Other IncomeCr	1,262	1,404	954	993	1,319	1,270	1,403	1,400
Depreciation DepreciationCr	64	74	74	86	72	85	107	0
PBT PBTCr	522	612	694	1,440	1,563	1,641	1,658	1,854
Tax TaxCr	90	129	186	261	256	368	348	416
PAT PATCr	432	482	508	1,180	1,307	1,273	1,311	1,437
Growth PAT Growth%		11.7	5.3	132.2	10.8	-2.6	3.0	23.4
NPM NPM%	6.7	7.7	8.2	16.3	15.8	14.1	14.7	15.9
EPS EPS₹	13.9	15.5	16.4	37.9	39.9	33.7	34.7	38.0

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

6,475

6,232

6,222

7,220

8,299

9,014

8,918

9,039

Growth

Revenue Growth%

-3.7

-0.2

16.1

14.9

8.6

-1.1

0.5

Interest Expended

Interest ExpendedCr

4,444

4,049

3,731

4,035

5,000

5,703

5,799

5,738

Expenses

ExpensesCr

2,706

2,902

2,677

2,651

2,983

2,854

2,757

2,848

Financing Profit

Financing ProfitCr

-676

-719

-186

534

316

457

362

454

FPM

FPM%

-10.4

-11.5

-3.0

7.4

3.8

5.1

4.1

5.0

Other Income

Other IncomeCr

1,262

1,404

954

993

1,319

1,270

1,403

1,400

Depreciation

DepreciationCr

107

PBT

PBTCr

522

612

694

1,440

1,563

1,641

1,658

1,854

Tax

TaxCr

129

186

261

256

368

348

416

PAT

PATCr

432

482

508

1,180

1,307

1,273

1,311

1,437

Growth

PAT Growth%

11.7

5.3

132.2

10.8

-2.6

3.0

23.4

NPM

NPM%

6.7

7.7

8.2

16.3

15.8

14.1

14.7

15.9

EPS

EPS₹

13.9

15.5

16.4

37.9

39.9

33.7

34.7

38.0

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	6,475	6,232	6,222	7,220	8,299	9,014	8,918	9,039
Growth Revenue Growth%		-3.7	-0.2	16.1	14.9	8.6	-1.1	0.5
Interest Expended Interest ExpendedCr	4,444	4,049	3,731	4,035	5,000	5,703	5,799	5,738
Expenses ExpensesCr	2,706	2,902	2,677	2,651	2,983	2,854	2,757	2,848
Financing Profit Financing ProfitCr	-676	-719	-186	534	316	457	362	454
FPM FPM%	-10.4	-11.5	-3.0	7.4	3.8	5.1	4.1	5.0
Other Income Other IncomeCr	1,262	1,404	954	993	1,319	1,270	1,403	1,400
Depreciation DepreciationCr	64	74	74	86	72	85	107	0
PBT PBTCr	522	612	694	1,440	1,563	1,641	1,658	1,854
Tax TaxCr	90	129	186	261	256	368	348	416
PAT PATCr	432	482	508	1,180	1,307	1,273	1,311	1,437
Growth PAT Growth%		11.7	5.3	132.2	10.8	-2.6	3.0	23.4
NPM NPM%	6.7	7.7	8.2	16.3	15.8	14.1	14.7	15.9
EPS EPS₹	13.9	15.5	16.4	37.9	39.9	33.7	34.7	38.0

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

6,475

6,232

6,222

7,220

8,299

9,014

8,918

9,039

Growth

Revenue Growth%

-3.7

-0.2

16.1

14.9

8.6

-1.1

0.5

Interest Expended

Interest ExpendedCr

4,444

4,049

3,731

4,035

5,000

5,703

5,799

5,738

Expenses

ExpensesCr

2,706

2,902

2,677

2,651

2,983

2,854

2,757

2,848

Financing Profit

Financing ProfitCr

-676

-719

-186

534

316

457

362

454

FPM

FPM%

-10.4

-11.5

-3.0

7.4

3.8

5.1

4.1

5.0

Other Income

Other IncomeCr

1,262

1,404

954

993

1,319

1,270

1,403

1,400

Depreciation

DepreciationCr

107

PBT

PBTCr

522

612

694

1,440

1,563

1,641

1,658

1,854

Tax

TaxCr

129

186

261

256

368

348

416

PAT

PATCr

432

482

508

1,180

1,307

1,273

1,311

1,437

Growth

PAT Growth%

11.7

5.3

132.2

10.8

-2.6

3.0

23.4

NPM

NPM%

6.7

7.7

8.2

16.3

15.8

14.1

14.7

15.9

EPS

EPS₹

13.9

15.5

16.4

37.9

39.9

33.7

34.7

38.0

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	311	311	311	312	377	378	378
Reserves ReservesCr	5,660	6,331	6,783	7,900	10,470	11,707	12,846
Deposits DepositsCr	71,785	75,654	80,387	87,368	97,988	1,04,806	1,08,777
Borrowings BorrowingsCr	4,065	1,765	2,314	1,563	4,400	1,941	5,329
Other Liabilities Other LiabilitiesCr	1,493	1,553	2,245	1,914	2,849	2,129	2,025
Total Liabilities Total LiabilitiesCr	83,313	85,615	92,040	99,057	1,16,083	1,20,960	1,29,355
Fixed Assets Fixed AssetsCr	826	838	818	875	928	991	1,060
Investments InvestmentsCr	17,545	21,635	22,040	23,325	24,300	24,535	26,737
Advances AdvancesCr	61,581	57,401	64,376	68,260	82,339	87,038	93,360
Cash Equivalents Cash EquivalentsCr	2,919	5,316	4,437	6,159	8,053	7,984	7,736
Other Assets Other AssetsCr	441	426	369	437	463	413	462
Total Assets Total AssetsCr	83,313	85,615	92,040	99,057	1,16,083	1,20,960	1,29,355

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

311

312

377

378

Reserves

ReservesCr

5,660

6,331

6,783

7,900

10,470

11,707

12,846

Deposits

DepositsCr

71,785

75,654

80,387

87,368

97,988

1,04,806

1,08,777

Borrowings

BorrowingsCr

4,065

1,765

2,314

1,563

4,400

1,941

5,329

Other Liabilities

Other LiabilitiesCr

1,493

1,553

2,245

1,914

2,849

2,129

2,025

Total Liabilities

Total LiabilitiesCr

83,313

85,615

92,040

99,057

1,16,083

1,20,960

1,29,355

Fixed Assets

Fixed AssetsCr

826

838

818

875

928

991

1,060

Investments

InvestmentsCr

17,545

21,635

22,040

23,325

24,300

24,535

26,737

Advances

AdvancesCr

61,581

57,401

64,376

68,260

82,339

87,038

93,360

Cash Equivalents

Cash EquivalentsCr

2,919

5,316

4,437

6,159

8,053

7,984

7,736

Other Assets

Other AssetsCr

441

426

369

437

463

413

462

Total Assets

Total AssetsCr

83,313

85,615

92,040

99,057

1,16,083

1,20,960

1,29,355

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	311	311	311	312	377	378	378
Reserves ReservesCr	5,660	6,331	6,783	7,900	10,470	11,707	12,846
Deposits DepositsCr	71,785	75,654	80,387	87,368	97,988	1,04,806	1,08,777
Borrowings BorrowingsCr	4,065	1,765	2,314	1,563	4,400	1,941	5,329
Other Liabilities Other LiabilitiesCr	1,493	1,553	2,245	1,914	2,849	2,129	2,025
Total Liabilities Total LiabilitiesCr	83,313	85,615	92,040	99,057	1,16,083	1,20,960	1,29,355
Fixed Assets Fixed AssetsCr	826	838	818	875	928	991	1,060
Investments InvestmentsCr	17,545	21,635	22,040	23,325	24,300	24,535	26,737
Advances AdvancesCr	61,581	57,401	64,376	68,260	82,339	87,038	93,360
Cash Equivalents Cash EquivalentsCr	2,919	5,316	4,437	6,159	8,053	7,984	7,736
Other Assets Other AssetsCr	441	426	369	437	463	413	462
Total Assets Total AssetsCr	83,313	85,615	92,040	99,057	1,16,083	1,20,960	1,29,355

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

311

312

377

378

Reserves

ReservesCr

5,660

6,331

6,783

7,900

10,470

11,707

12,846

Deposits

DepositsCr

71,785

75,654

80,387

87,368

97,988

1,04,806

1,08,777

Borrowings

BorrowingsCr

4,065

1,765

2,314

1,563

4,400

1,941

5,329

Other Liabilities

Other LiabilitiesCr

1,493

1,553

2,245

1,914

2,849

2,129

2,025

Total Liabilities

Total LiabilitiesCr

83,313

85,615

92,040

99,057

1,16,083

1,20,960

1,29,355

Fixed Assets

Fixed AssetsCr

826

838

818

875

928

991

1,060

Investments

InvestmentsCr

17,545

21,635

22,040

23,325

24,300

24,535

26,737

Advances

AdvancesCr

61,581

57,401

64,376

68,260

82,339

87,038

93,360

Cash Equivalents

Cash EquivalentsCr

2,919

5,316

4,437

6,159

8,053

7,984

7,736

Other Assets

Other AssetsCr

441

426

369

437

463

413

462

Total Assets

Total AssetsCr

83,313

85,615

92,040

99,057

1,16,083

1,20,960

1,29,355

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-90	3,368	-467	1,830	681	210	1,100
Investing Cash Flow Investing Cash FlowCr	-56	-87	-56	-88	-369	-691	-88
Financing Cash Flow Financing Cash FlowCr	-545	-885	-355	-19	1,582	412	-1,260
Net Cash Flow Net Cash FlowCr	-690	2,396	-879	1,723	1,894	-69	-248
Free Cash Flow Free Cash FlowCr	-146	3,281	-523	1,743	570	49	1,012
CFO To EBITDA CFO To EBITDA%	13.3	-468.6	251.0	342.4	215.5	45.9	303.9

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-90

3,368

-467

1,830

681

210

1,100

Investing Cash Flow

Investing Cash FlowCr

-56

-87

-56

-88

-369

-691

-88

Financing Cash Flow

Financing Cash FlowCr

-545

-885

-355

-19

1,582

412

-1,260

Net Cash Flow

Net Cash FlowCr

-690

2,396

-879

1,723

1,894

-69

-248

Free Cash Flow

Free Cash FlowCr

-146

3,281

-523

1,743

570

1,012

CFO To EBITDA

CFO To EBITDA%

13.3

-468.6

251.0

342.4

215.5

45.9

303.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-90	3,368	-467	1,830	681	210	1,100
Investing Cash Flow Investing Cash FlowCr	-56	-87	-56	-88	-369	-691	-88
Financing Cash Flow Financing Cash FlowCr	-545	-885	-355	-19	1,582	412	-1,260
Net Cash Flow Net Cash FlowCr	-690	2,396	-879	1,723	1,894	-69	-248
Free Cash Flow Free Cash FlowCr	-146	3,281	-523	1,743	570	49	1,012
CFO To EBITDA CFO To EBITDA%	13.3	-468.6	251.0	342.4	215.5	45.9	303.9

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

-90

3,368

-467

1,830

681

210

1,100

Investing Cash Flow

Investing Cash FlowCr

-56

-87

-56

-88

-369

-691

-88

Financing Cash Flow

Financing Cash FlowCr

-545

-885

-355

-19

1,582

412

-1,260

Net Cash Flow

Net Cash FlowCr

-690

2,396

-879

1,723

1,894

-69

-248

Free Cash Flow

Free Cash FlowCr

-146

3,281

-523

1,743

570

1,012

CFO To EBITDA

CFO To EBITDA%

13.3

-468.6

251.0

342.4

215.5

45.9

303.9

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,310	1,901	1,724	4,249	8,492	6,637	8,435	12,508
Price To Earnings Price To Earnings	3.0	3.9	3.4	3.6	6.5	5.2	6.4	8.7
Price To Sales Price To Sales	0.2	0.3	0.3	0.6	1.0	0.7	0.9	1.4
Price To Book Price To Book	0.2	0.3	0.3	0.6	0.8	0.6	0.7	1.0
EV To EBITDA EV To EBITDA	-3.6	2.3	2.1	-0.7	15.3	1.3	16.7	262.0
Profitability Ratios Profitability Ratios
FPM FPM%	-10.4	-11.5	-3.0	7.4	3.8	5.1	4.1	5.0
NPM NPM%	6.7	7.7	8.2	16.3	15.8	14.1	14.7	15.9
ROCE ROCE%	6.1	5.5	4.9	5.6	5.8	6.2	5.9	5.9
ROE ROE%	7.2	7.3	7.2	14.4	12.1	10.5	9.9	9.9
ROA ROA%	0.5	0.6	0.6	1.2	1.1	1.1	1.0	1.0
Solvency Ratios Solvency Ratios

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,310

1,901

1,724

4,249

8,492

6,637

8,435

12,508

Price To Earnings

3.0

3.9

3.4

3.6

6.5

5.2

6.4

8.7

Price To Sales

0.2

0.3

0.6

1.0

0.7

0.9

1.4

Price To Book

0.2

0.3

0.6

0.8

0.6

0.7

1.0

EV To EBITDA

-3.6

2.3

2.1

-0.7

15.3

1.3

16.7

262.0

Profitability Ratios

FPM

FPM%

-10.4

-11.5

-3.0

7.4

3.8

5.1

4.1

5.0

NPM

NPM%

6.7

7.7

8.2

16.3

15.8

14.1

14.7

15.9

ROCE

ROCE%

6.1

5.5

4.9

5.6

5.8

6.2

5.9

ROE

ROE%

7.2

7.3

7.2

14.4

12.1

10.5

9.9

ROA

ROA%

0.5

0.6

1.2

1.1

1.0

Solvency Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,310	1,901	1,724	4,249	8,492	6,637	8,435	12,508
Price To Earnings Price To Earnings	3.0	3.9	3.4	3.6	6.5	5.2	6.4	8.7
Price To Sales Price To Sales	0.2	0.3	0.3	0.6	1.0	0.7	0.9	1.4
Price To Book Price To Book	0.2	0.3	0.3	0.6	0.8	0.6	0.7	1.0
EV To EBITDA EV To EBITDA	-3.6	2.3	2.1	-0.7	15.3	1.3	16.7	262.0
Profitability Ratios Profitability Ratios
FPM FPM%	-10.4	-11.5	-3.0	7.4	3.8	5.1	4.1	5.0
NPM NPM%	6.7	7.7	8.2	16.3	15.8	14.1	14.7	15.9
ROCE ROCE%	6.1	5.5	4.9	5.6	5.8	6.2	5.9	5.9
ROE ROE%	7.2	7.3	7.2	14.4	12.1	10.5	9.9	9.9
ROA ROA%	0.5	0.6	0.6	1.2	1.1	1.1	1.0	1.0
Solvency Ratios Solvency Ratios

Financial Year

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

1,310

1,901

1,724

4,249

8,492

6,637

8,435

12,508

Price To Earnings

3.0

3.9

3.4

3.6

6.5

5.2

6.4

8.7

Price To Sales

0.2

0.3

0.6

1.0

0.7

0.9

1.4

Price To Book

0.2

0.3

0.6

0.8

0.6

0.7

1.0

EV To EBITDA

-3.6

2.3

2.1

-0.7

15.3

1.3

16.7

262.0

Profitability Ratios

FPM

FPM%

-10.4

-11.5

-3.0

7.4

3.8

5.1

4.1

5.0

NPM

NPM%

6.7

7.7

8.2

16.3

15.8

14.1

14.7

15.9

ROCE

ROCE%

6.1

5.5

4.9

5.6

5.8

6.2

5.9

ROE

ROE%

7.2

7.3

7.2

14.4

12.1

10.5

9.9

ROA

ROA%

0.5

0.6

1.2

1.1

1.0

Solvency Ratios

	J&KBANK	SOUTHBANK	TMB	KTKBANK	DCBBANK	CSBBANK	DHANBANK
Market CapitalizationMkt CapCr	15,339	14,158	13,792	12,508	6,777	5,414	1,457
Close PriceClose₹	139.30	54.05	871.00	330.55	210.35	312.05	36.91
IndustryIndustry	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks
Price To EarningsPE	6.66	8.92	9.55	8.70	8.55	8.15	12.60
Price To SalesPS	1.14	1.35	2.26	1.38	0.89	1.14	0.87
RevenueRevenueCr	13,429	10,501	6,096	9,039	7,575	4,752	1,683
Revenue Growth TTMRev Gr TTM%	4.8%	10.4%	13.0%	0.5%	11.5%	24.8%	21.8%
PAT Growth TTMPAT Gr TTM%	7.0%	16.8%	20.3%	23.4%	22.8%	10.9%	33.0%

Market CapitalizationMkt CapCr

15,339

14,158

13,792

12,508

6,777

5,414

1,457

Close PriceClose₹

139.30

54.05

871.00

330.55

210.35

312.05

36.91

IndustryIndustry

Private Banks

Price To EarningsPE

6.66

8.92

9.55

8.70

8.55

8.15

12.60

Price To SalesPS

1.14

1.35

2.26

1.38

0.89

1.14

0.87

RevenueRevenueCr

13,429

10,501

6,096

9,039

7,575

4,752

1,683

Revenue Growth TTMRev Gr TTM%

4.8%

10.4%

13.0%

0.5%

11.5%

24.8%

21.8%

PAT Growth TTMPAT Gr TTM%

7.0%

16.8%

20.3%

23.4%

22.8%

10.9%

33.0%

	J&KBANK	SOUTHBANK	TMB	KTKBANK	DCBBANK	CSBBANK	DHANBANK
Market CapitalizationMkt CapCr	15,339	14,158	13,792	12,508	6,777	5,414	1,457
Close PriceClose₹	139.30	54.05	871.00	330.55	210.35	312.05	36.91
IndustryIndustry	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks	Private Banks
Price To EarningsPE	6.66	8.92	9.55	8.70	8.55	8.15	12.60
Price To SalesPS	1.14	1.35	2.26	1.38	0.89	1.14	0.87
RevenueRevenueCr	13,429	10,501	6,096	9,039	7,575	4,752	1,683
Revenue Growth TTMRev Gr TTM%	4.8%	10.4%	13.0%	0.5%	11.5%	24.8%	21.8%
PAT Growth TTMPAT Gr TTM%	7.0%	16.8%	20.3%	23.4%	22.8%	10.9%	33.0%

Market CapitalizationMkt CapCr

15,339

14,158

13,792

12,508

6,777

5,414

1,457

Close PriceClose₹

139.30

54.05

871.00

330.55

210.35

312.05

36.91

IndustryIndustry

Private Banks

Price To EarningsPE

6.66

8.92

9.55

8.70

8.55

8.15

12.60

Price To SalesPS

1.14

1.35

2.26

1.38

0.89

1.14

0.87

RevenueRevenueCr

13,429

10,501

6,096

9,039

7,575

4,752

1,683

Revenue Growth TTMRev Gr TTM%

4.8%

10.4%

13.0%

0.5%

11.5%

24.8%

21.8%

PAT Growth TTMPAT Gr TTM%

7.0%

16.8%

20.3%

23.4%

22.8%

10.9%

33.0%

Karnataka Bank Ltd

Karnataka Bank Ltd

Quick Ratios

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