Media Release

Mangalore, Jun 6: Karnataka Bank is all set to double its business from the existing `53,000 crore to `1.06 lakh crore in next three years period, informed its Managing Director and CEO Mr. P Jayarama Bhat. He was speaking on the occasion of renaming of its first branch Mangalore- Dongerkery as “Founders’ Branch”. The Bank which has strong presence all over India with a customer base of over 6 million, has fine blend of traditional values and modern outlook. As an value addition, Bank is also launching ‘Mobile Banking’ and ASBA(Application Supported by Blocked Amount)facilities, during current year. Bank is having high standard of corporate governance and is now concentrating on becoming ‘Big & Strong’, he declared.

While delivering the presidential address Ananthakrishna, non-executive Chairman of the Bank said that the historic decision of the Bank to name its first branch Mangalore-Dongerkery branch as “Founders’ Branch” is a greatest tribute to the founders of the Bank. He also lauded the loyalty and co-operation extended by the long standing customers of the Bank and recalled that Bank which was formed in the backdrop of ‘Swadeshi Movement’ on 18th Feb 1924, by commoners of erstwhile Dakshina Kannada district, has been giving priority for lending to education, Agriculture and small business enterprises right from its inception, which eventually became priority sector advances to the banking industry itself.

M S Mahabaleshwara Bhat, General Manager, while recalling an interesting event in the glorious history of 88 years of KBL, said that the Bank which was started with an initial capital of `11,580 on 18th Feb 1924, had mobilized deposits of `68,449 and lent `1,21,760 as loans and had earned `3,591 as its maiden profit during the very first year of operation. Bank had even declared a maiden dividend of 6.25% for the year ended Dec 1924. He highlighted that during its history of 88 years Bank had declared dividend for record number of 86 years, (with an exception of only two years i.e., 1972 and 1973) varying from 6% to 60%. The shares of KBL have always been a ‘Value Buy’, he noted in his introductory address.

To commemorate the event prominent customers from different walks of life namely Sarvashri Krishna Avatar Jalan, S.R. Nayak, Pundalika Nayak, Vasudeva Rao, Ravishankar, Ramakrishna Ballukaraya, Srikanth Kamath were honoured.

Sarvashri P Jairam Hande, N Upendra Prabhu, M V C S Karanth, and Dr Meera B Aranha were present on the occasion. H P Ravindranath Hande, Assistant General Manager, Regional Office, Mangalore welcomed and Shobha Rao, Senior Branch Manager, ‘Founders’ Branch’  proposed the vote of thanks.