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Tag: Karnataka Bank

  • Karnataka Bank inks pact with Digivriddhi to offer financial services to dairy farmers

    Karnataka Bank inks pact with Digivriddhi to offer financial services to dairy farmers

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    Mangaluru

    Karnataka Bank has partnered with fintech company Digivriddhi (DGV) to offer financial services catering to the needs of dairy farmers and milk societies. The services will be made available at village dairy co-operative societies associated with milk unions of Karnataka Milk Federation (KMF).

    To begin with, the services are now made available to milk societies associated with Chamarajnagar Milk Union.

    Quoting Srikrishnan H, Managing Director and Chief Executive Officer (CEO) of Karnataka Bank, a media statement said, “We are accelerating our fintech initiatives and collaboration with partners across various verticals with a view to enhancing access to markets and customer experience. This partnership with DGV will provide seamless and innovative end-to-end digital product offerings to the dairy farmers and provide access to institutional credit, while easing and digitizing payments across the dairy value chain.”

    Sekhar Rao, Executive Director of Karnataka Bank, said Karnataka Bank has a rich legacy of being a key player in agricultural sector with strong under-writing capabilities for loan disbursals duly complemented with the presence of specialised agriculture field officers in potential areas. “We will further consolidate this portfolio with this tie up with fintech partner DGV by rolling out specific products/solutions synergizing the unique strengths of both the companies for the dairy sector,” he said.

    Ragavan Venkatesan, Founder and CEO of DGV, said ‘DGV Pay’ product simplifies the payments value chain for dairy farmers and micro-enterprises helping with their basic banking needs, including opening of bank accounts. ‘DGV Money’ product is built with a unique underwriting mechanism that facilitates digital working capital and bovine loans to farmers, Venkatesan said.

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  • Karnataka Bank AGM approves distribution of dividend

    Karnataka Bank AGM approves distribution of dividend

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    Shareholders at the 99th annual general meeting of Karnataka Bank approved distribution of ₹5 a share (that is 50 per cent) as dividend for the financial year 2022-23. The annual general meeting was held in Mangaluru on Tuesday through videoconferencing.

    The bank informed stock exchanges that P Pradeep Kumar, Chairman of the bank, who chaired the meeting, addressed the shareholders regarding the developments that took place during the financial year 2022-23 and the progress made by the bank during the reporting financial year.

    The bank informed stock exchanges that all eight resolutions were passed with the requisite majority.

    Srikrishnan H, Managing Director and Chief Executive Officer of the bank, responded to the queries of the shareholders on the occasion.

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  • Karnataka Bank reports 171% growth in Q4 net profit, recommends dividend of ₹5 per share

    Karnataka Bank reports 171% growth in Q4 net profit, recommends dividend of ₹5 per share

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    Karnataka Bank registered a net profit of ₹353.53 crore in the fourth quarter of 2022-23 as against a net profit of ₹130.20 crore in the corresponding period of the previous fiscal, recording a growth of 171.53 per cent.

    The bank registered a net profit of ₹1,179.68 crore for 2022-23 against ₹507.99 crore in 2021-22, recording a growth of 132.22 per cent.

    The board of directors, which met on Friday, approved the audited annual financial results for the period ended March 31. It also recommended a dividend of ₹5 per equity share (that is 50 per cent) out of the net profits for the year ended March 31, subject to the approval of the shareholders at the Annual General Meeting of the bank.

    During the fourth quarter of 2022-23, the net interest income of the bank stood at ₹860.07 crore (₹656.50 crore in Q4 of 2021-22), and other income stood at ₹395.23 crore (₹256.98 crore). The net interest margin of the bank stood at 3.87 per cent (3.25 per cent).

    The bank’s provision coverage ratio (PCR) increased to 80.76 per cent in 2022-23 from 73.47 per cent in 2021-22. The capital-to-risk-weighted assets ratio (CRAR) under Basel III reached 17.45 per cent, up from 15.66 per cent last year.

    The bank’s gross NPA (non-performing assets) reduced to 3.74 per cent during Q4 of 2022-23 from 3.90 per cent about a year back. The net NPA of the bank stood at 1.70 per cent during the fourth quarter of 2022-23 against 2.42 per cent in the corresponding period of the previous fiscal.

    The bank’s business turnover stood at ₹1,47,319.53 crore during 2022-23, with a year-on-year growth of 7.40 per cent. Deposits grew 8.68 per cent year-on-year to ₹87,367.91 crore, while advances increased 5.58 per cent year-on-year to ₹59,951.62 crore. CASA (current account savings account) deposits accounted for 32.97 per cent of total deposits.

    Quoting Sekhar Rao, Managing Director and Chief Executive Officer (interim) of Karnataka Bank, a media statement said: “As we proudly mark a century of unwavering trust, our performance for FY23 is demonstrated through robust turnover and milestone bottomline numbers, underpinned by consistent enhancements in overall asset quality.”

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  • Karnataka Bank’s gross advances grow by 12.37% in Q3

    Karnataka Bank’s gross advances grow by 12.37% in Q3

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    The provisional business numbers of Karnataka Bank for the third quarter of 2022-23 have shown a growth of 12.37 per cent in terms of gross advances.

    This was revealed by Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, at the regional heads’ review conference in Mangaluru on Monday.

    Sharing the provisional business numbers for Q3 of FY23, he said gross advances have grown at a satisfactory rate of 12.37 per cent. The gross advances of the bank increased to ₹63,658.59 crore during third quarter of 2022-23 against ₹56,651.67 crore in the corresponding period of 2021-22, recording a growth of 12.37 per cent.

    He said the share of CASA (current account savings account) stood at 31.91 per cent during the third quarter of 2022-23, and the core deposits of the bank stood at ₹84,592.60 crore.

    customer-centric approach

    “While focusing on quality credit augmentation, resource mobilisation under CASA and retail term deposits, NPA and stress management, consolidating other income streams, etc., let us further strive to improve the overall digital adoption to emerge as the ‘digital bank’ with our continued customer-centric approach,” he said.

    “We should continue our good performance and reach a new high by creating new benchmarks of performances, while stepping into the bank’s Centenary Year. This will be a tribute to the founding fathers of this great institution, who had a vision of bringing up the bank to the present position of being a socially committed thriving business entity,” Mahabaleshwara said.

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    BL Mangaluru Bureau

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