Karnataka Gramin Bank’s business grows 7% to ₹61,000 cr in FY23

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Karnataka Grameen Bank, South India’s largest Grameen Bank, generated business of Rs. 61,203 crore in FY22-23 as against Rs. 57,210 crore in the previous year. During the year, her income grew by 1.74 per cent to ₹3,724 crore and her net profit was ₹7.56 crore.

The bank reported a growth rate of 6.66 per cent in deposits to Rs. 33,905 crore (Rs. 31,788 crore). CASA grew by 9.68 per cent to ₹14,001 crore, while CASA share in total deposits improved from 40.16 per cent to 41.29 per cent over the previous year. Its credit portfolio grew by 7.38 per cent to INR 27,298 crore.

Also read: Maharashtra Bank advances to growth of 1.5 times banking industry average in FY24: Chairman Rajiv

Loans and advances

Priority sector advances, which constitute 92.39 per cent of the bank’s total advances, grew by 6.63 per cent to Rs.25,221 crore. Under agricultural advances, the bank registered a growth of 8.37 per cent, reaching Rs.21,912 crore. Credit growth was driven by 25 percent growth in Kuwait Clearing Company loans and 22 percent growth in gold loans. The bank reached an NPA of ₹3,451 with an annual growth of 17.79 per cent.

The bank has disbursed loans to Kisan credit card borrowers to the tune of ₹4,132 crore while disbursing loans to the tune of ₹2,103 crore for non-agricultural activities, GR Dilli Babu, Chairman, Karnataka Gramin Bank noted in a press release.

Karnataka Grameen Bank has a network of 1,121 branches across the state. The bank has set up five mobile ATM vans to deliver cash to people’s doors in Ballari, Kalapuragi, Raichur, Mysuru and Chitradurga districts as part of a bid to expand ATM operations in rural areas.