Karnataka Bank achieves Rs 18,500 crore business turnover

Gulbarga, May 29 (UNI) The Karnataka Bank, a leading private bank, has achieved Rs 18,509 crore business turnover and a net profit of Rs 147.15 crore in the financial year 2005-06.

Announcing the bank's growth to the media here today, its Chairman Anantha Krishna said the turnover had registered a 10.5 per cent increase over the previous year.

He informed that the capital adequacy ratio of the bank was far above the RBI prescription and the earning per share and book value of the share stood at Rs 34.06 and Rs 80.67 respectively in the last financial year.

Mr Krishna said 300 of its offices have been networked with core banking solution 'Finacle', designed and developed by IT major Infosys.

Highlighting the bank's customer service, he said the 'K-Flexi' deposit, which had the dual benefit of liquidity of savings bank and high return of fixed deposit, anywhere banking 'MBB' facility and payable at par multicity cheque facility had been introduced.

Mr Krishna said the Karnataka Bank owned 65 ATMs and had a tie-up with the Corporation Bank, enabling its debit card holders access to over 5,300 ATMs.

On its service in rural areas, he said the bank's 'Agri vision 2008' was aimed at enhanced credit beneficial to the farming community and the bank had 93 branches in rural areas to better serve the villagers.

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