Karnataka Bank Aiming for 17.69% Increase in Growth Rate this Year

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Image credit: MoneyControl

Karnataka Bank, a major private sector bank in India, is gearing up for a successful centennial year in 2023-24, with plans to achieve a growth rate of 17.69%. With a business turnover of Rs 1,48,694 crore in the previous financial year, the bank aims to take its total business turnover to Rs 1,75,000 crore in 2023-24. The bank’s CEO and Managing Director M S Mahabaleshwara spoke to the staff members of branches and offices across the nation virtually on Friday and detailed the strategies and plan of action for the upcoming financial year.

This ambitious goal has been set in the face of uncertain global economic conditions, including elevated interest rates and the Ukraine war. The bank has managed to maintain the growth of deposits and advances, with a positive development of the current and savings accounts that now stand at 32.97% of total deposits as on March 31, 2023. Karnataka Bank began its centenary year of purposeful service to the country from February 18th of this year and is celebrating the milestone with year-long events.

The Executive Director Sekhar Rao, in his address, stated that, despite the challenging macro-economic environment, the performance of the bank for the previous financial year has been satisfactory. He believes that given its solid core, good IT infrastructure and credit portfolio hygiene, the bank is poised to strengthen its operational ratios in the coming quarters.

The event was also attended by the Chief Operating Officer Y V Balachandra, Chief Business Officer Gokuldas Pai, general managers and other executives and staff members of the head office who are fully committed to the success of Karnataka Bank in its centenary year. Through its efforts in maintaining sustainable growth and prudent asset liability management, Karnataka Bank is striving to remain a key figure in the Indian banking landscape.