Karnataka Bank’s Image Debit Card

Karnataka Bank has launched the ‘KBL-Image Debit Card’ to enable its cardholders to personalise the card with the image of his/her choice. A press release by the bank said here on Friday that the customers will have the option of selecting an image either from the bank’s gallery of images or any image of his/her choice to be printed on the debit card. Customers can apply through the bank’s website for this card, the release said.


Source : TheHinduBusinessline

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Karnataka Bank to open 25 e-Lobbies

Karnataka Bank Ltd is planning to open 25 e-Lobbies in different parts of the country by the end of the current financial year, according to P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank.

Speaking at the inauguration of the fifth e-Lobby of the bank in the country at Mulund (West) in Mumbai on Monday, he said the e-Lobby provides essential banking facilities under one roof through self-service automation kiosks.

This is the fifth e-Lobby of the bank in the country and the first one on Maharashtra. The bank has plans to open another 20 e-Lobbies across the country during the current financial year, he said.

Customers can deposit cash and cheques into their accounts and update their passbooks whenever they wish to, beyond banking hours, 24 hours a day, he said.

A press release by the bank said here that Vinaykumar M Rathod, Deputy Commissioner of Police, Zone VII, Mulund, Mumbai, inaugurated the e-Lobby facility in the presence of Bhat.

Source : Thehindubusinessline

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Karnataka Bank to extend finance to farmers against warehouse receipts

Karnataka Bank Ltd on Tuesday signed a memorandum of understanding with Edelweiss Integrated Commodity Management Ltd (EICML) for extending storage facilities to farmers and to finance against warehouse receipts.

A press release by the bank said here that finance to farmers will be extended under ‘Krishik Bhandar’ scheme of the bank. EICML has nominated Karnataka Bank as preferred financier for extending finance to farmers against the warehouse receipts.

Quoting Mahabaleshwara MS, Chief General Manager of the bank, it said that this initiative will help farmers to store their agriculture produce by avoiding distress sale, earn better price and simultaneously take loan for farm operation.

Meera LB Aranha, General Manager of the bank, and Shekar Subhramanyam, Vice-President of EICML, were present on the occasion, the release said.


Source : Thehindubusinessline

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Future rate cuts are data dependent: Karnataka Bank MD

The Managing Director and Chief Executive Officer of Karnataka Bank Ltd, P Jayarama Bhat, has said that the Reserve Bank of India has delivered the much expected 25 basis point cut in the repo rates.

Bhat said the statement on inflationary expectations, lower monsoon predictions and upward expected movements in oil prices will pose uncertainty in future actions on rates. “Any future cuts in rates are more data dependent,” he said.

He said the Karnataka Bank has already lowered the base rate by 25 basis points with effective from June 1.


Source : Thehindubusinessline

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Karnataka Bank Q4 net jumps 65.5%; to pay Rs. 5/share dividend

Karnataka Bank Ltd has recorded a net profit of Rs.134.42 crore in the fourth quarter of 2014-15 against a net profit of Rs.81.21 crore in the corresponding period of the previous fiscal, recording a growth of 65.52 per cent.

Net interest income of the bank during the period under review stood at Rs.291.32 crore (Rs.249.93 crore) and the other income stood at Rs.111.69 crore (Rs.113.98 crore).

Net profit for 2014-15 stood at Rs.451.45 crore against Rs.311.03 crore in 2013-14.

The board of the directors of the bank has recommended a dividend of Rs.5 per equity share of Rs.10 each for 2014-15.

Source : Thehindubusinessline

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Karnataka Bank launches ‘e-Lobby’

Karnataka Bank on Thursday launched the ‘e-Lobby 24X7 banking services’ at three locations in Bengaluru. A press release said that ‘e-Lobby’ provides essential banking facilities under one roof through self-service automation kiosks. P Jayarama Bhat, Managing Director and Chief Executive Officer of the bank, said the bank has planned to extend the ‘e-Lobby’ services to another 21 locations across India soon.


Source : Thehindubusinessline

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Karnataka Bank third quarter profit flat at ₹107 crore

Karnataka Bank posted flat net profit growth of Rs.106.94 crore during the third quarter of 2014-15 against Rs.106.7 crore in the corresponding period of the previous fiscal, on higher provisioning and employee costs.

Net interest income stood at Rs.302.05 crore (Rs.271.50 crore), and other income at Rs.162.83 crore (Rs.97.85 crore).

There was higher provisioning for actuarial liabilities on pension and gratuity.

Employee cost

The employee cost of the bank stood at Rs.187.72 crore (Rs.117.58 crore), and provisions (other than tax) and contingencies reached Rs.78.89 crore (Rs.40.41 crore) during the reporting quarter.

Gross and net NPA touched 3.44 per cent (3.65 per cent) and 2.41 per cent (2.23 per cent), respectively.

P Jayarama Bhat, Managing Director and Chief Executive Officer, told BusinessLine that the bank has, however, crossed the full last financial year’s profit in the first nine months of the current fiscal.

The net profit of the bank for the first nine months of the fiscal stood at Rs.317.03 crore (Rs.229.82 crore). Stating that there is a growth of 20.89 per cent in the sequential quarter, he said the bank recorded a net profit of Rs.88.46 crore in the September quarter as against Rs.106.94 crore in the December quarter.

Branch network

On the future outlook, he said the bank aims at a turnover of Rs.80,000 crore for 2014-15. “We are opening another 75 branches in some important places. All these should give us better business in the years to come,” he said.

On Tuesday, Karnataka Bank shares closed at Rs.144.60 on the BSE, down 2.33 per cent against the previous close of Rs.148.05.


Source : Thehindubusinessline

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Karnataka Bank net profit jumps to Rs. 88.46 cr

Karnataka Bank recorded a net profit of Rs88.46 crore in the second quarter of 2014-15 as against Rs28.95 crore in the corresponding period of the previous fiscal, registering a growth of 205.56 per cent.

During the quarter, the net interest income (NII) of the bank stood at Rs297.27 crore (Rs284.54 crore), and the other income at Rs102.77 crore (Rs87.80 crore).

There gross NPA of the bank was at 3.53 per cent (3.59 per cent), and net NPA at 2.37 per cent (2.25 per cent).

Provisions (other than tax) and contingencies came down to Rs83.64 crore during the second quarter of 2014-15 as against Rs126.71 crore in the corresponding period of the previous fiscal.

Source : The Hindu

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