Karnataka Bank Ltd has targeted a total business turnover of ₹1.75 lakh crore during 2023-14, according to Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank.
Addressing the staff members of branches and offices across the country through virtual mode and outlining the blueprint of the strategies and broad plan of action for 2023-24, he 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 per cent.
This included deposits of ₹87,362 crore and advances of ₹61,326 crore. The total CASA (current account savings account) deposits stood at 32.97 per cent of total deposits as on March 31.
“We have navigated the financial year fairly well by exhibiting sustainable growth in liabilities and assets, prudent asset liability management, and robust risk management practices negating the adverse after effects of global developments like rising interest rates, Ukraine war etc. For the new financial year, the bank has planned to grow its business at 17.69 per cent to take the total business turnover to ₹1,75,000 crore,” he said.
Centenary celebrations
Stating that Karnataka Bank has stepped into its 100th year, he said the bank also launched a year-long centennial celebrations on this occasion. “Powered by accelerated new transformation journey KBL-NxT that will propel the bank to new heights of growth, I am happy to share with you all that, KBL is all set to emerge as strong, vibrant, energetic digital bank,” he said.
Sekhar Rao, Executive Director of the bnak, said the performance of the bank for the year gone by has been satisfactory under the given macro-economic scenario. 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.
“With inflation softening and a favourable Central Budget for the fiscal year, it is good news for the Indian economy and we shall collectively resolve to set new benchmarks of performance in the centenary year delivering value for all stakeholders,” he said.