Financial Daily from THE HINDU group of publications
Friday, Aug 23, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 23, 2002 |
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Money & Banking
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Bonus Announcements Karnataka Bank bonus at 1:1 Our Bureau
MANGALORE, Aug. 22 KARNATAKA Bank has announced the issue of fully-paid bonus shares in the ratio of one equity share for every one held besides offering one equity share of Rs 10 each at a price of Rs 25 (premium Rs 15) on a rights basis. Addressing shareholders at the bank's 78th annual general meeting , the Karnataka Bank Chairman, Mr. Ananthakrishna, highlighting the achievements during 2001-2002, said that the bank has declared a dividend of 60 per cent as against 45 per cent for 2000-2001. The bank hopes to achieve a total business turnover of Rs. 12,700 crore by March 2003. According to a press release, the bank is also in the process of undertaking an "organisational restructuring" and "business process re-engineering" programme and a "consultancy assignment" in this regard has been given to the National Institute of Bank Management, Pune. The bank, according to its chairman, has adopted a "mission" to be a "technology-savvy, customer-centric, progressive bank with a national presence driven by the highest standards of corporate governance and guided by sound ethical values." It has initiated steps such as the introduction of multi-branch banking which facilitates anywhere banking in a few select centres. It has also introduced a K-Flexi scheme which has the characteristics of an SB account and term deposit account apart from earning a higher interest rate on investments. Mr. Ananthakrishna said that the total business has crossed Rs. 10,000 crore and assets have increased by Rs. 1,086 crore at a growth rate of 16.27 per cent. Deposits rose from Rs. 6,075.50 crore to Rs. 7,001.48 crore, registering a 15.24 per cent rise over the previous fiscal. The net advances increased from Rs. 2,828.22 crore to Rs. 3,417.54 crore at a growth rate of 20.84 per cent and investments rose from Rs. 2,787.01 crore to Rs. 3,467.15 crore registering a growth of 24.40 per cent. Advances to the priority sector also increased to Rs. 1,194.81 crore which constituted 40.23 per cent of the net credit. It posted a net profit of Rs. 91.13 crore against Rs. 45.41 crore, growing at a rate 100.68 per cent. Owned funds grew by 26.32 per cent from Rs. 349.88 crore to Rs. 441.98 crore. Earnings per share rose from Rs. 33.67 to Rs. 67.57 and book value from Rs. 259.43 to Rs. 327.73.
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