Canara Bank aims to improve profitability further with focus on loan growth

Canara Bank on Thursday said the bank aims to improve bottomline further with balanced thrust on retail, MSME and corporate advances, coupled with increased adoption of digitalization for efficiency improvement.

The bank recorded an 87 per cent jump in net profit to Rs 10,604 crore in FY 2022-23 with operating profit growing by 20.04 per cent to Rs 27,716 crore compared to preceding financial year.

The bank expects a substantial improvement in low-cost deposits base in FY 2023-24 by increasing customer base, rolling out innovative and customised products and by leveraging technology to provide best in the services to valued customers, Canara Bank managing director K Satyanarayana Raju said in his address to shareholders.

Bank's endeavour will be to keep reinventing itself by building on its strengths as per emerging industry landscape and changing customer needs, the annual report said.

"Our endeavour is to ensure a 'customer-centric' banking model that creates long-term value for all its stakeholders," he said.

The outlook for FY 2023-24 is positive with Indian economy showing resilience despite global headwinds, it said, adding, the drivers for growth will be robust domestic demand along with revival in investment activities supported by government's focus on infrastructure development and on priority sectors of the economy.

In line with economic growth, credit growth momentum may continue to remain strong in FY24.

The bank is poised to translate these possibilities into opportunities for sustainable business growth with a strong commitment in providing banking solutions to customers, while contributing towards inclusive growth of the economy, it said.

During 2022-23, the global business of the bank increased to Rs 20,42,001 crore, up by 11.73 per cent with global deposits growing at a pace of 8.54 per cent to Rs 11,79,219 crore and global advances growing by 16.41 per cent to Rs 8,62,782 crore.