Karnataka bank is aiming an Agriculture advance portfolio of Rs 5515 crore by March 2015, which will constitute more than 18% of total advance of the bank. At present, bank has 10 Agriculture Development Branches (ADB), 142 Green Branches and 51 Agriculture Field Officers (AFOs) as dedicated resources for agri. advances.
During current year, bank is planning to open 75 new branches across India and at least 29 branches of the total will be opened in rural area so as to give further thrust to agri advances. Further, bank will continue to oraganise “Farmer’s Meet” at potential centers and will focus more on agri. subvention scheme so as to ensure agri credit at affordable rate.
Recently, the bank announced that it will be proactive in extending all the required banking facilities including credit to its Forex clients and aims to achieve export credit target of Rs 3,450 crore.
The bank posted a rise of 20.51% in its net profit at Rs 81.21 crore for the quarter ended March 31, 2014 as compared to Rs 67.39 crore for the same quarter in the previous year. Total income of the bank increased by 7.54% at Rs 1172.58 crore for quarter under review as compared to Rs 1090.32 crore for the quarter ended March 31, 2013.
