Money & Banking

Digital capabilities helped Karnataka Bank during pandemic: MD

Our Bureau. Mangaluru | Updated on February 18, 2021

Mahabaleshwara MS, Karnataka Bank MD and CEO

The digital capabilities of Karnataka Bank Ltd (KBL) helped it to extend most of the banking transactions through online mode as well as alternative delivery channels during the Covid-19 pandemic, according to Mahabaleshwara MS, Managing Director and Chief Executive Officer of KBL.

Speaking at the Founders’ Day celebration of the bank on Thursday, he said digital transactions of the bank touched a high of 88.77 per cent as on December 31.

Terming it a new record for Karnataka Bank, he said: “I place on record the good cooperation extended by our dear customers in embracing digital adoption. I am happy to state that the bank was able to exhibit resilience, and has shown impressive growth in all the areas of its operations in spite of Covid pandemic during the current financial year.”

Anticipating the difficulties the days ahead due to the pandemic, the bank had adopted an innovative theme of ‘conserve, consolidate and emerge stronger’ in the early days of the pandemic, and implemented this Covid prescription of Karnataka Bank on mission mode, he said.

The bank has exhibited consistency in its financial performances by earning a net profit of ₹451.20 crore in the first nine months of 2020-21 against a profit of ₹431.78 crore for the full year of 2019-20. “That means during this nine months period, we had not only overtaken the last year profit, whatever that we had earned, but exceeded by another ₹20 crore. That is the resilience of Karnataka Bank,” he said.

Gururaj Karajagi, Chairman of the Academy for Creative Teaching, Bengaluru, delivered the Founders’ Day lecture. P Jayarama Bhat, Chairman of Karnataka Bank, presided over the programme.

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Published on February 18, 2021
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