Daijiworld Media Network - Mangaluru (SP)

Mangaluru, May 23: Private sector Karnataka Bank has registered a net profit of Rs 451.45 crore for the year ended March 31, 2015, thus achieving a year-to-year growth of 45.15 percent.

The audited financial reports of the bank were adopted at the meeting of the board of directors of the bank held here on Friday May 22. The board also has proposed to disburse dividend of 50 percent to its shareholders as against 40 percent given in the last year.

Under total turnover, the bank reached Rs 77,688.6 crore at the end o the year, duly achieving point to point growth of 12.71 percent. Deposits of the bank rose by 13.37 percent to Rs 46,008,61 crore, while advances soared to Rs 31,679.99 crore from last year's figure of Rs 28,345.49 crore, with an annual growth of 11.76 percent.

The total income of the bank also went up significantly from Rs 4694.41 crore to Rs 5,205.41 crore, with a percentage leap of 10.89. As at the end of the year, the bank had 675 branches and 1,000 ATMs. The bank has plans to add 50 more branches to its network during the coming year, and 275 ATMs, thus reaching a figure of 2,000 service centres. The target set for the bank for next year is Rs 53,500 crore under deposits, Rs 37,500 crore under advances, and total turnover of Rs 91,000 crore, said managing director and chief executive officer of the bank, P Jayaram Bhat.