Karnataka Bank targets 20% growth in FY15

Bank to augment non-interest and fee-based income, increase share of CASA deposits, improve interest spread and monitor effectively

Mangalore-based private sector lender Karnataka Bank has set a target of achieving Rs 83,000 crore business for the year 2014-15, a growth of 20 per cent over FY14.

Addressing the regional heads conference of the bank, P Jayaram Bhat, Managing Director & CEO, said the bank aims to meet the target by focussing on effective deployment of resources through disbursement of quality advances. The thrust areas would be agri-credit and other priority sector advances, he said.

During the year 2014-15, the bank has set a target of achieving Rs 48,000 crore deposits and Rs 35,000 crore in advances.

The bank would augment the non-interest and fee-based income, increase the share of CASA deposits, improve the interest spread and monitor effectively, he said.

During 2014-15, the bank would open 75 new branches to take the all India branch network to 675 branches and also open 300 new ATMs to reach the 1,000 ATMs mark by March 2015, Bhat said.