Karnataka Bank plans 17.69% growth rate this year

NEW DELHI: Karnataka Bank plans to achieve a growth of 17.69 per cent in its centenary year of 2023-24 to take its total business turnover to Rs 1,75,000 crore, its CEO-MD MS Mahabaleshwara has said.

Addressing the staff members of branches and offices across the country in the new financial year from the Mangaluru head office through virtual mode on Friday, he outlined the blueprint of the strategies and broad plan of action for the year 2023-24. As per the provisional numbers, the business turnover of the bank stood at Rs 1,48,694 crore with a growth rate of 7.63 per cent, comprising deposits of Rs 87,362 crore and advances of Rs 61,326.00 crore, he said. The total CASA (current and savings account) deposits now stand at 32.97 per cent of total deposits as on March 31, 2023.

“We have navigated the financial year fairly well by exhibiting sustainable growth in liabilities and assets, prudent asset liability management, negating the adverse after-effects of global developments like rising interest rates and Ukraine war,” he said. Karnataka Bank stepped into its 100th year of service on February 18 this year.

The bank’s ED Sekhar Rao, in his address, said the bank is poised to strengthen its operational ratios in the coming quarters given its solid fundamentals, good IT infrastructure and the hygiene of the credit portfolio, he said.