Karnataka Bank stock advances 6% after CASA deposits reach 32.97% as on March 31

4 Apr 2022 , 11:51 AM

Mahabaleshwara M.S, MD & CEO, of Karnataka Bank addressed the staff members of branches and offices across the country on April 1, 2022 from the Head Office, Mangaluru through virtual mode. Apart from reviewing the year gone by, Mahabaleshwara M.S, outlined the blueprint of the strategies and broad plan of action for the new financial year 2022-23.

At around 11:53 AM, Karnataka Bank was trading at Rs0.75 per piece higher by 5.65% on Sensex.

Addressing the staff members, Mahabaleshwara M.S said, “As per the provisional numbers Bank has achieved an historic high of 32.97% CASA deposits as on March 31, 2022. The business turnover of the Bank stood at Rs,38,111.00 crore with a growth rate of 7.59 % consisting of deposits of Rs 80,385.00 crore and advances of Rs 57,726.00 crore as per the provisional figures.

As per  the filing, the advances has registered a growth rate of 9.48 % as per the initial estimates. We have navigated fairly well after having a full year affected by COVID. Policy level support from the GOI to promote manufacturing through PU schemes, encouragement for green economy are good indicators signaling future growth prospects of the country even as we navigate risks of war and increasing interest rates from external world. For the new financial year, Bank has initially planned to grow its business at 14 % to take the total business turnover to Rs1,57,500 crore and a final call will be taken after getting the audited numbers, said the Bank.

Speaking further he said “After successfully implementing the first phase of the transformation journey under KBL-VIKAAS 1.0 by rolling out digital under writing of Retail Loan products with a turnaround time that is amongst the best in the industry, Bank is now focusing on taking the digital initiatives to the next level by focusing on ‘KBL NxT’ concept under wave 2.0. to evolve as ‘Digital Bank of Future’.

Key focus areas are analytics, Chatbots, AI & ML, Account Aggregators, Neo Banking, Trade Finance Automation, opening of digi centres across the country etc. With digital initiatives powering this journey, we shall collectively strive to make this year an “Year of Business Excellence” and digitise all aspects of Banking as we inch close to Centenary Year of Bank’s purposeful existence.”