Karnataka Bank MD & CEO MS Mahabaleshwar addressing associates across India during the commencement of the new financial year on April 1, 2023.
After achieving a business of ₹1,48,694 crore in 2022-23, Karnataka Bank has set a target of ₹1.75 lakh crore for the current financial year, which translates into a growth of 17.69%.
Addressing the employees on April 1, the beginning of the new financial year, through virtual mode from Mangaluru, the bank’s Managing Director and CEO MS Mahabaleshwar said, “As per the provisional numbers, the bank’s business stood at ₹1,48,694 crore. Growth rate of 7.63% which includes deposits of ₹87,362 crore and advances of ₹61,326.00 crore.
Total CASA deposits stood at 32.97% of total deposits as on March 31, 2023.
“We navigated the fiscal year quite well, demonstrating steady growth in liabilities and assets, prudent asset liability management and strong risk management practices, negating the adverse effects of global developments such as rising interest rates, Ukraine war, etc. “
Stepping into the 100th year of service, the bank has embarked on a year-long centenary celebration. Shri Mahabaleshwar is confident that the Bank is poised to emerge as a strong, vibrant and dynamic Digital Bank, driven by the accelerated new transformation journey – KBL-NXT, which will take the Bank to newer heights of growth.
Executive Director Shekhar Rao said the bank’s performance was satisfactory in the given macro-economic scenario. The bank will look to strengthen operating ratios in the coming quarters given its strong fundamentals, sound IT infrastructure and clean credit portfolio.
Chief Operating Officer YV Balachandra and Chief Business Officer Gokuldas Pai participated in the video-conference.