Mahabank Clocks 13% Rise In Credit

Bank of Maharashtra (Mahabank) has registered a 13 per cent growth in credit, to Rs 4,160 crore, during 1997-98. Its deposits rose 25 per cent to Rs 9,024 crore, T S Raghavan, CMD, said. Maha-banks total investments stood at Rs 4,735 crore.

Deposits and advances of the private sector Karnataka Bank Ltd grew 36 per cent and 28 per cent to touch Rs 3,400 crore and Rs 1850 crore, respectively, for the year ended March 31, 1998. It achieved an NPA level of 2.5 per cent, down from 3.11 per cent in the previous year. The banks capital adequacy ratio was at 13%.

Karnataka Banks priority sector and export credit lending was 43 per cent and 16 per cent respectively, against the stipulated figures of 40 per cent and 12 per cent.

M S Krishna Bhat, chairman of Karnataka Bank, said the bank was targeting a net profit of Rs 75 crore and a CD ratio of 55 per cent. It was also aiming at a deposit base of Rs 4,500 crore and advances of Rs 2,500 crore. The bank plans to reduce NPAs to 2 per cent, increase per-employee turnover to Rs 170 lakh and extend its branch network to 335.

Timesbank registered 70 per cent growth in deposits and 25 per cent increase in advances, against a target of 55 per cent. Advances grew to Rs 1,050 crore in 1997-98.