Karnataka Bank gains after tie-up with Bharti Axa

Karnataka Bank rose 1.35% to Rs 135.50 at 09:25 IST on BSE after the bank entered into Memorandum of Understanding with Bharti AXA Life Insurance Company for distribution of latter's life insurance products.

The announcement was made after market hours yesterday, 2 April 2019.

Meanwhile, the S&P BSE Sensex was up 194.22 points, or 0.5% to 39,250.87

On the BSE, 33,000 shares were traded in the counter so far compared with average daily volumes of 2.43 lakh shares in the past two weeks. The stock had hit a high of Rs 136.20 and a low of Rs 134.90 so far during the day.

Karnataka Bank entered into Memorandum of Understanding with Bharti AXA Life Insurance Company for distribution of latter's life insurance products. This is the third such tie-up by the Bank after PNB MetLife Life Insurance Co. and LIC of India, both of which continue to provide insurance solutions to the customers of Karnataka Bank.

Karnataka Bank will be able to provide wide choice of life insurance products to its customers across all its 836 branches, supported by the popular customer centric products of Bharti AXA Life Insurance Company.

Net profit of Karnataka Bank rose 60.69% to Rs 140.41 crore on 18.92% rise in total income to Rs 1815.79 crore in Q3 December 2018 over Q3 December 2017.

Karnataka Bank is a scheduled commercial bank in India.

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