Canara Bank targets 23% growth in FY10

Bangalore-based public sector lender, Canara Bank has set a target of achieving 23 per cent growth in its total business at Rs 400,000 crore for the year 2009-10 compared to the previous year. It is aiming at a deposit level of Rs 2,25,000 crore, a growth of 20 per cent over the previous year and Rs 1,75,000 crore advances, a rise of 26 per cent over the previous year. In 2008-09, the bank’s aggregate business saw a robust increase of 24.4 per cent year on year to stand at Rs 325,112 crore.

“We will continue to focus on core business, with the objective of augmenting profits and profitability. The new growth will come from productive segments like agriculture, corporates, MSMEs, retail including housing, auto and education, infrastructure among others,” A C Mahajan, chairman and managing director, Canara Bank said.

He told reporters, here that all branches of the bank are slated for coverage under core banking solution (CBS) by March 2010. Over 1,050 branches have already come under CBS, covering 77 per cent of the bank’s business. While, 2,062 branches are enabled under Anywhere Banking Services, 1,362 branches are now providing internet and mobile banking services.

During the year 2009-10, the bank will open 200 new branches in the country. The bank has also obtained approval from the Reserve Bank of India to open 10 branches in overseas locations like Johannesberg, Frankfurt, Muscat, Manama, QFC-Qatar, Leicester, New York, Sao Paulo, Dar-es-Salam and Tokyo, out of the 21 international financial centres identified for global expansion in the medium term, he said.

During the year, the bank restructured 75,000 accounts aggregating to Rs 2,000 crore worth of loans.

Of this, MSME sector accounted for Rs 400 crore, housing Rs 322 crore, agriculture Rs 500 crore and large businesses Rs 212 crore and the balance was small accounts of less than Rs 1 crore, he said.