Daijiworld Media Network – Mangalore (SM/NR)

Mangalore, Oct 31: Karnataka Bank Ltd, city-based private sector bank has earned a net profit of Rs 111.93 crore for the half year ended September 2007 as compared to 96.39 crore for the same period during last year, thereby recording an increase of 16.12% for 2007.

While the gross income of the bank for the half year ending rose from Rs 674. 64 crore to Rs 843.35 crore, the operating surplus for the same period increased from Rs 162.25 crore to Rs 194.58 crore. Net interest income for the half year has increased from Rs 185.96 crore in Sept. 2006 to Rs 235.01 crore in September 2007.

The bank has several long term plans on the anvil. It is aiming at a business turnover of Rs. 28, 500 crore for the current fiscal and plans to double its business in 3 years. The total turnover is Rs 25,001 crore for September 2007 and the bank’s deposit stand at Rs15, 161 crore whereas its advances stand at Rs 9,840 crore for the current year.

All the 411 branches of the bank have been brought under the core banking solution to facilitate ‘Anytime/Anywhere’ banking, thereby covering 100% of its business.

The bank will be shortly opening new branches at Warangal, Raigarh, Navi Mumbai, Aurangabad, Bareilly, Haridwar, Cuttack, Devanahalli, Marathahalli-Bangalore and Dadar-Mumbai. The bank which has 117 ATMs of its own, proposes to increase its ATM outlets to 150, before the end of March 2008.

The Bank has recently opened an NRI cell at Mumbai International division to render better customer services to its NRI customers. The Bank has opened a forex hub too here in the city centralising the forex-related transactions of its designated branches.