Mangalore:
The Mangalore-based
Karnataka Bank has crossed a turnover of Rs 10,000 crore
as on 31 March 2002. In his annual address to the banks
executives here recently, Karnataka Bank chairman M Ananthakrishna
is said to have unveiled the banks corporate goals for
2002-03, while emphasising the need to pay increased attention
to the micro-realities of the changing banking environment.
According to a press release,
Karnataka Bank plans to target an aggregate deposit level
of Rs 8,500 crore, with a growth rate of approximately
25 per cent. Advances are expected to increase at 22 per
cent to Rs 4,250 crore with gross investments growing
at 18 per cent, also to Rs 4,250 crore. The net profit
has been projected at Rs 100 crore and owned funds at
Rs 525 crore.
The bank also plans to
open eight more branches during the year, thereby taking its
branch strength to 365. On the technological front, 125 branches
will be networked by December 2002 and efforts will be made to
optimise technology utilisation to increase operational efficiency
and income.
The bank has made
arrangements with MedLife (India) Insurance Company to distribute
life insurance products. It has also requisitioned the services of
the National Institute of Bank Management (NIBM) on a consultancy
assignment for organisational restructuring and business profile
reengineering.
Going over the banks
main achievements during 2001-02, Ananthakrishna said the banks
shares crossed the issue price for the first time since the public
issue in 1995. The operating surplus also
increased significantly over the previous years levels and, for
the first time, a group insurance scheme covering all the staff
members of the bank was introduced.
As for its priorities for
2002-03, the bank hopes to consolidate its position, diversify
into newer areas of business, build quality assets and improve
profits by making profitability a thrust area.
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