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Friday, Apr 04, 2003

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Karnataka Bank turnover up 25 pc

Our Bureau

MANGALORE: The total turnover of the Mangalore-based Karnataka Bank has crossed the Rs 12,500-crore mark during the 2002-2003 fiscal, registering an increase of 25 per cent over the turnover of the previous year.

According to a bank release, the Chairman, Mr Ananthakrishna, is said to have gone over the plans for the year 2003-2004 with members of the bank's staff and stated that the bank proposed to implement measures to increase its turnover to over Rs 15,000 crore.

The bank also plans to increase deposits to Rs 10,000 crore and advances to Rs 5,000 crore during 2003-2004.

It aims to increase net profit to Rs 135 crore, open 10 branches to take the total strength to 370, curtail NPAs to below 3.19 per cent of net advances, and achieve a capital adequacy ratio of 13.25 per cent as against the RBI stipulation of nine per cent.

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