Karnataka Bank joins hands with FISDOM to offer stock broking services

The private lender on Wednesday announced that it has expanded its collaboration with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank's mobile banking app, KBL Mobile Plus.

The bank said that this strategic association is all set to enhance the current value proposition of enabling customers to invest in stocks and mutual funds.

This offering will empower its customers with seamless access to both investment opportunities and trading functionalities, all within a single, user-friendly interface, it added.

The 3-in-1 facility enables customers to streamline their investment journey by consolidating their demat and trading accounts. This integration eliminates the need for multiple platforms, simplifying account management and enhancing overall user experience. With this unified solution, investors can efficiently manage their securities and execute trades with unparalleled convenience and efficiency, the bank stated in the press release.

Sekhar Rao, executive director said that "Through this partnership the banks aims to redefine the landscape of financial services by offering a holistic solution that combines convenience, efficiency, and reliability. By leveraging FISDOM's expertise in financial technology, we are confident in our ability to deliver unparalleled value to our customers and drive meaningful impact in the market.

Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.

The banks standalone net profit jumped to Rs 331.08 crore in Q3 FY24 as against with Rs 300.68 crore posted in Q3 FY23. Net sales stood at Rs 2,438.69 crore in Q3 FY24, registering a growth of 18.7% year on year.

Shares of Karnataka Bank shed 0.26% to end at Rs 232.20 on Wednesday, 10 April 2024.

The domestic market is closed today, on account of Ramadan Eid.

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