Mangalore: The Mangalore-based Karnataka Bank has crossed a turnover of Rs 10,000 crore as on 31 March 2002. In his annual address to the banks executives here recently, Karnataka Bank chairman M Ananthakrishna is said to have unveiled the banks corporate goals for 2002-03, while emphasising the need to pay increased attention to the micro-realities of the changing banking environment.

According to a press release, Karnataka Bank plans to target an aggregate deposit level of Rs 8,500 crore, with a growth rate of approximately 25 per cent. Advances are expected to increase at 22 per cent to Rs 4,250 crore with gross investments growing at 18 per cent, also to Rs 4,250 crore. The net profit has been projected at Rs 100 crore and owned funds at Rs 525 crore.

The bank also plans to open eight more branches during the year, thereby taking its branch strength to 365. On the technological front, 125 branches will be networked by December 2002 and efforts will be made to optimise technology utilisation to increase operational efficiency and income.

The bank has made arrangements with MedLife (India) Insurance Company to distribute life insurance products. It has also requisitioned the services of the National Institute of Bank Management (NIBM) on a consultancy assignment for organisational restructuring and business profile reengineering.

Going over the banks main achievements during 2001-02, Ananthakrishna said the banks shares crossed the issue price for the first time since the public issue in 1995. The operating surplus also increased significantly over the previous years levels and, for the first time, a group insurance scheme covering all the staff members of the bank was introduced.

As for its priorities for 2002-03, the bank hopes to consolidate its position, diversify into newer areas of business, build quality assets and improve profits by making profitability a thrust area.