Canara Bank sees credit growth at 18-20%

Though credit offtake was sluggish in the first quarter, the overall credit growth for the full year for public sector Canara Bank is expected to be 18-20 per cent backed by a 22-23 per cent growth in deposits, said Archana Bhargava, its executive director.She said focus on the retail segment was an important area for generating new business. It also expects the credit demand from the industry to pick up in second and third quarters.

The bank aims to generate around Rs 1 lakh crore new business this year to take the total business to Rs 6.25 lakh crore from Rs 5.06 lakh crore last year through a network of 3,500 branches, including 300 proposed branches, by the end of the current financial year.