Karnataka Bank targets ₹1.75 lakh crore business in 2023-24
The Hindu
Karnataka Bank achieved ₹1,48,694 crore business in 2022-23
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 translates into a growth of 17.69%.
Addressing employees on April 1, beginning of the new financial year, through virtual mode from Mangaluru, 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.
“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.”
Stepping into the 100th year of service, the bank has launched a year-long centennial celebrations. Mr. Mahabaleshwara is confident that the bank is set to emerge as a strong, vibrant and energetic digital bank powered by accelerated new transformation journey — KBL-Nxt — that will propel the bank to new heights of growth, .
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.
Chief Operating Officer Y.V. Balachandra and Chief Business Officer Gokuldas Pai participated in the video-conference.
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