Karnataka Bank targets Rs 1.44L cr turnover

Mahabaleshwara M S, Karnataka Bank managing director and chief executive officer (CEO), said that their business turnover target for the next financial year was Rs 1,44,000 crore, with a growth rate of 16%.

Mahabaleshwara highlighted the Bank’s business performance in the financial year 2018-19 and rolled out the agenda for the new financial year on Monday.

Provisional figures

“As per the provisional figures for the financial year that ended in March 2019, the Bank has achieved a new business high of Rs 1,23,300 crore turnover. It has also registered a growth rate of 12% on a year-on-year basis. The advances of the Bank have increased from Rs 47,252 crore to Rs 54,883 crore in the financial year 2018-19, registering a growth of 16.1% (provisional) over the corresponding period of the previous year,” he listed out.

Deposits

He added that the deposits of the Bank had grown from Rs 62,871 crore to Rs 68,459 crore in 2018-19, registering a growth of 8.9% over the corresponding period of the previous year. “The Bank has also posted a robust CD ratio of around 80.17% for the financial year 2018-19. As on March 31, 2019, the Bank has 836 branches spread across 22 states and 2 union territories. It plans to add 24 new branches and 70 new e-lobbies,” the MD informed.

He said the Bank intends to focus on increasing business in every branch and has budgeted Rs 1,44,000 crore business for the year 2019-20 with a growth rate of around 16%.