Mangaluru : P. Jayarama Bhat assumed the office of Managing Director and Chief Executive Officer of Karnataka Bank for the third consecutive term here on Tuesday.

He first took over as the MD and CEO of the bank on July 14, 2009 for a three year term, which got extended for another three years. Recently, the Board of Directors of the Bank accorded another extension of term to Mr. Bhat.

During his tenure, the bank has made rapid strides in business over the years. Business turnover touched Rs. 77,689 crore as on March 31, 2015, with an all time high annual net profit of Rs. 451.45 crore, said a release from the Bank. The bank’s Chief General Manager M.S. Mahabaleshwara, General Managers Meera Aranha, Raghurama, Raghavendra Bhat and B. Chandrashekhar Rao greeted Mr. Bhat on the occasion.