Media Release

Mangaluru, Apr 6: Mahabaleshwara M S, MD & CEO, of Karnataka Bank addressed the staff members of branches and offices across the country on April 1 from the head office, Mangaluru through virtual mode and outlined the blueprint of the strategies and broad plan of action for the new financial year 2023-24.

Addressing the staff members, he said, “As per the provisional numbers, the business turnover of the bank stood at Rs 1,48,694 crore with a growth rate of 7.63 % consisting of deposits of Rs 87,362 crore and advances of Rs 61,326.00 crore. The total CASA deposits now stands at 32.97% of total deposits as on 31-03-2023. 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. For the new financial year, bank has planned to grow its business at 17.69 % to take the total business turnover to Rs 1,75,000.00 crore.

Speaking further he said, “Karnataka Bank has stepped into its 100th year of purposeful service to the nation on 18.02.2023 and this is a historical moment in the annals of the Bank. On this joyous occasion, the bank also launched a year-long centennial celebrations. 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.”

Sekhar Rao, executive director, also addressed the staff members and 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."

Also present on the occasion were Balachandra Y V, chief operating officer, Gokuldas Pai, chief business officer, general managers, other executives and staff members of the head office.