Karnataka Bank targets Rs 39,000cr business in this year

Mangalore Today News

Mangalore / Brahmapur, December 16: Karnataka Bank Limited, the Mangalore-based private bank, is aiming at a total business of Rs 39,000 crore in the current fiscal which represents 21.33 per cent growth over Rs 32,143 crore which the bank achieved in 2008-09. Out of the targeted total business of Rs 39,000 crore, deposits are expected to be Rs 24,000 crore with the remaining Rs 15,000 crore being advances. The bank which is predominantly present in Karnataka is also looking to ramp up its branch network by opening 14 new branches. Presently, the bank has 461 branches across the country which includes 282 branches in Karnataka and 35 branches in Andhra Pradesh.

 

“Our presence is strong in south India and now we are looking to spread our business in the northern part of the country including Uttar Pradesh and New Delhi. We will also start mobile banking services very soon”, P Jayarama Bhat, managing director, Karnataka Bank, said after inaugurating a branch on 15 December, 2009 at Brahmapur, Orissa.

This is the third branch of Karnataka Bank in Orissa with the other two branches located in Bhubaneswar and Cuttack. The bank proposed to open another branch in Rourkela by the end of the current fiscal.

Referring to the bank’s performance, Bhat said, the bank’s net profit stood at Rs 266.7 crore by the end of 2008-09 and its capital adequacy ratio was at a comfortable level of 13.48. The bank’s net NPA (non performing assets) and the return on asset stood at 0.98 per cent and 1.25 per cent respectively, he said.

Sunil MR, Branch Manager, KR Rajaram Holla, Chief Manager, KG Ramesh Rao, Deputy General Manager, Ashok Hegde, General Manager, Bibhu Prarasad Rath, Vice President of Ortel Communication Ltd and S Sreedhar, Senior Branch Manager, Bhubaneshwar Branch of Karnataka Bank were present on the occasion.