Karnataka Bank is aiming to achieve a business of Rs 83,000 crore this fiscal and over Rs 1-lakh crore by March 2016. The bank is in the process of preparing a long-term vision ‘KB 2020’. In this regard, a separate committee has been formed to chalk out the roadmap.
The bank’s gross NPA is around 3 percent and net at over 2 percent. It plans to bring these to less than 3 percent and one percent, respectively. The bank has recently has entered into a Memorandum of Understanding (MoU) with National Bulk Handling Corporation (NBHC) for extending storage facilities to farmers and finance against the warehouse receipts (WHR).
The bank’s net profit for first quarter ended June 30, 2014 rose by 29.16% at Rs 121.63 crore as compared to Rs 94.17 crore for the quarter ended June 30, 2013. Its total income increased by 4.19% to Rs 1254.24 crore for the quarter under review from Rs 1203.80 crore for the corresponding quarter of the previous year.
