Daijiworld Media Network – Mangalore (SP)

Mangalore, Nov 1: The net profit of private sector Karnataka Bank Ltd having its head office in the city has jumped by 205.56 percent as compared to the same period last year, during the second quarter of this financial year ended September 30, 2014. Gross profit of the bank went up by 70.65 percent to Rs 210.09 crore. Gross profit of the bank as at September last year had stood at Rs 123.12 crore.

Managing director and chief executive officer of the bank, P Jayaram Bhat, who announced the financial results of the bank on Friday October 31, informed that the total turnover of the bank had reached Rs 73,914 crore as at September end, comprising deposits amounting to Rs 44,196 crore and advances of Rs 29718 crore.

He said that the bank, which is built on sound basics, has succeeded in registering an impressive result in spite of some pressure in economic sector. He said that bank plans to open 75 new branches and 300 ATMs in the current year. The bank is targetting to reach Rs 48,000 under deposits and Rs 35,000 crore under advances by the end of this financial year. The bank has won Assochem certificate for excellency for its social banking, he added.