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Karnataka Bank Ltd. Mangalore has posted a net profit of 94.17 crore for Q-1 of the financial year 2013-14 as against 83.43 crore for the corresponding period last year, registering a y-o-y growth of 12.87 per cent.

Addressing the gathering MD & CEO of the Bank P Jayarama Bhat said that the business turnover of the Bank has touched 62,158.99 crore registering a y-o-y growth of 14.63 per cent. The deposits of the Bank grew by 4,368.03 crore from 32,546.59 crore to 36,914.62 crore registering a y-o-y growth of 13.42 per cent and advances grew by `3,566.80 crore from 21,677.57 crore to     25,244.37 crore registering a y-o-y growth of 16.45 per cent, he said.

‘Despite the subdued market and industry specific challenges, the Bank has improved in almost all important parameters and has been able to post a result which is better than industry average’, he said.

‘The Bank has opened 30 service outlets consisting of 5 branches and 25 ATMs during Q1 of the current financial year, taking the tally of service outlets to 1084 [555 branches and 529 ATMs]. The Bank has its presence in 20 states and 2 union territories, and plans to take the tally of service outlets to 1,200 by the end of March 2014 by increasing the number of branches and ATMs to 600 each’, he said.

By: satish kapikad

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