Karnataka Bank targets Rs 1.75 lakh crore business this year

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Karnataka Bank: Having achieved ₹1,48,694 crore business in 2022-23, Karnataka Bank has set a target of ₹1.75 lakh crore for the current financial year, which is approximately a growth of 17.69%.

Bank Managing Director and CEO M.S. Mahabaleshwara said, “As per the provisional numbers, the business turnover of the bank stood at ₹1,48,694 crore with a growth rate of 7.63% consisting of deposits of ₹87,362 crore and advances of ₹61,326.00 crore.”

The total CASA deposits stood at 32.97% of total deposits as on March 31, 2023. Executive Director Sekhar Rao said the bank’s performance was satisfactory under the given macro-economic scenario. The bank would strengthen operational ratios in the coming quarters given its solid fundamentals, good IT infrastructure and the hygiene of the credit portfolio.

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Karnataka Bank

Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an ‘A’ Class Scheduled Commercial Bank with a network of 905 branches, 1 extension counter, 900 ATMs, 563 cash recyclers and 560 e-lobbies/mini e-lobbies across 22 states and 2 union territories. It has 8,519 employees and over 11 million customers throughout the country. Its shares are listed on the NSE and BSE. The tagline of the bank is “Your Family Bank Across India.”

TypePublic
IndustryBanking, financial services
Founded18 February 1924; 99 years ago
HeadquartersMangalore, Karnataka, India
Key peopleP. Pradeep Kumar
(Part-Time Non-Executive Chairman) Mahabaleshwara M. S
(Managing Director & Chief Executive Officer)
ProductsRetail banking, corporate/wholesale banking, treasury operations, credit card, bancassurance
Revenue₹7,092.33 crore (US$890 million) (2022)
Operating income₹1,634 crore (US$200 million) (2022)
Net income₹508.62 crore (US$64 million) (2022)
Total assets₹92,040.55 crore (US$12 billion) (2022)
Number of employees8,519 (2022)
Capital ratio15.66%
Websitekarnatakabank.com
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