BENGALURU: Karnataka Bank, one of the oldest private sector banks, is celebrating its 100th Foundation Day on February 18, and it is all set towards its journey of a tech-driven bank, blending tradition with cutting-edge solutions for its customers across the country. It was started with an authorised capital of Rs 5 lakh and paid-up capital of Rs 11,580.
In an interaction with TNIE, Srikrishnan H, MD & CEO, Karnataka Bank, said focusing on various aspects, the bank has initiated the transformation agenda and growth.
The bank was founded with an idea to serve people including agriculturists, small businesses and so on. “The conservative approach of this bank always stays. The bank didn’t explore but had a vision which was much beyond time. For instance, Karnataka Bank was formed even 20 years before Karnataka state was formed,” he said.
Now, the bank has done a new positioning by launching its centenary campaign ‘Bharat Ka Karnataka Bank’; the journey for next decade and the next hundred years. Established in Mangaluru in 1924, the bank wants to spread its wings across other states. “We are already present in 22 states and 2 Union Territories, but from a business perspective, we need to enhance it and we would be working on the same, “the CEO said.
In Q3FY24, it posted Rs 331 crore net profit, 10% YoY rowth. Its gross advances grew to Rs 69,741 crore as of December 31, 2023. The bank has had a 99-year history of making profit every year. “And now this is the 100th year the bank has made net profit, and has made dividend payouts to stakeholders for 96 years out of 99,” he added.