Karnataka Bank eyes Rs 1 lakh crore business turnover in FY17

Karnataka Bank is looking to achieve a business turnover of Rs 1 lakh crore in the current fiscal year.

"Karnataka Bank is targeting a business turnover of Rs 1,00,000 crore, comprising deposits of Rs 58,500 crore and advances of Rs 41,500 crore for the financial year 2016-17," the bank said in release on BSE on Saturday.

Bank's Managing Director and Chief Executive Officer Jayarama Bhat, while rolling out the business agenda for the new financial year 2016-17, has envisaged an overall growth of 18.6% in the business.

"During the current year, we intend to open 40 new branches and 225 new ATMs and 100 e-lobbies/mini-lobbies. We also aim at rolling out innovative technology based products such as co-branded credit card, student combo card, near field communication card, mobile virtual card, mobile wallet and a host of other technology based products and solutions to digitally empower our customers," Bhat said.

Shares of Karnataka Bank closed 2.3% higher at Rs 104.70 a piece on BSE Friday.