P Jayaram Hande, General Manager, Karnataka Bank has informed that the Bank has achieved two milestones in the financial year 2011- 2012, that is by having crossed the Rs 50,000 crore turnover mark and reached a network of over 500 branches. He was speaking at a press meet to announce the reappointment of P Jayaram Bhat as the Managing Director and Chief Executive officer of the Bank.
Later, Bhat informed that Karnataka Bank has secured ‘A1+’ rating for its certificate of deposit programme from ICRA thus indicating highest quality rating to short term instrument. The Bank has also bagged the ‘Special award for managing IT risks’, instituted by Institute for Development and Research in Banking Technology (IDRBT) established by Reserve Bank of India. The total business of the bank stood at Rs 52,329 crore and net profit of the bank went up to Rs 246 crore as on 31 March 2012 with the support of a highly dedicated team of more than 6,000 employees, over 1,12,000 shareholders and 6.1 million plus clientele base.
At present Karnataka Bank has 891 service outlets (506 branches, 3 extension counters and 382 ATMs) spread across 20 states and 2 Union Territories. The Bank has plans to take the service outlets to 1,000 by end of March 2013 (550 branches and 450 ATM’s). “The ambition is to surpass business turnover of Rs 1,00,000 crore, i.e., deposits of Rs 63,000 crore and advances of Rs 47,000 crore by March 2015, by having a clientele base of over 10 million through 1,500 service outlets,” Hande revealed.
