Karnataka Bank surpasses Rs 1.10 Lakh Crore business turnover

Karnataka Bank surpasses Rs 1.10 Lakh Crore business turnover

Mangalore Today News Network

Mangaluru, April 2, 2018: Karnataka Bank has reached a new high of business by surpassing the total business turnover of Rs. 1.10 lakh crore as on 31st March 2018. Aiming to further consolidate its position the Bank is targeting a business turnover of Rs. 1,30,000 crore comprising of Deposits of Rs. 72,000 crore and Advances of Rs. 58,000 crore for the financial year 2018-19.

In his maiden address of the current financial year on Monday, 2nd APril 2018 at Mangaluru, addressing the staff of the Bank, Mahabaleshwara M S, Managing Director & CEO, highlighted the Bank’s business performance during the financial year 2017-18 and rolled out the business agenda for the new financial year 2018-19.

“As per the provisional figures for the financial year ended March 2018, Bank has achieved a new business high of Rs. 1,10,440 crore business turnover registering a growth rate of 17.82% on year – on – year basis. The Advances of the Bank increased from Rs. 37,004 Crores to Rs. 47,564 Crores in the FY 2017-18 registering a growth of 28.54% over the corresponding period of the previous year. The deposits of the Bank also grew from Rs. 56,733 Crores to Rs. 62,876 Crores in the FY 2017-18 registering a growth of 10.83% over the corresponding period of the previous year. The Bank has also posted a robust CD ratio of 75.65% for the FY 2017-18. As on March 31, 2018, the Bank has 800 branches, 1374 ATMs with 160 e-lobbies/mini e-lobbies in 22 states and 2 Union Territories. The Bank intends to focus on increasing business per branch and has budgeted Rs. 1,30,000 crore business for the year 2018-19 with a growth rate of around 22% .” said Mahabaleshwara M S, Managing Director & CEO of the Bank.