Page 5 - Canara Bank

Public sector bank heads at BS BFSI Summit: The best is still to come

Heads of public sector banks discuss the present and future of the banking sector in conversation with consulting editor Tamal Bandyopadhyay at the Business Standard BFSI Insight Summit

Canara Bank aims Rs 6,000 cr recovery in H2 FY25, expect Rs 3,000 cr in Q3

State-owned Canara Bank aims to recover about Rs 6,000 crore from bad loans during the second half of the current fiscal. "We are anticipating recovery somewhere about Rs 3,000 crore in the third quarter and a similar amount in the fourth quarter," Canara Bank managing director and CEO K Satyanarayana Raju told PTI. The bank has recovered Rs 2,905 crore, including recovery in written-off accounts, in the second quarter. Slippages would be much less than recovery as the bank would be underwriting good loans, Raju said. Asked about the initial public offering (IPO) of Canara Robeco Asset Management Company, he said it may happen in the fourth quarter of this financial year. The approval from the finance ministry for the IPO of Canara Robeco Asset Management Company (AMC) is expected shortly. The lender holds a 51 per cent stake in the mutual fund. It plans to offload a 13 per cent stake through IPO. Last December, Canara Bank gave an in-principle approval to start the process of l

Canara Bank led consortium seeks bids to sell Rs 1,226 cr loans in MMOPL

Mumbai Metro One is a SPV that is jointly owned by Reliance Infrastructure and MMRDA

Canara Bank cuts gold loan growth to 15-17% amid regulatory concerns

Stops lending to MSMEs against gold as collateral

Canara Bank's Q2FY25 results: Net profit up 11.31% at Rs 4,014 crore

Guides for pressure on margin for two quarters

Canara Bank Q2 result: Net profit rises 11% to Rs 4,015 cr; income rises

State-owned Canara Bank on Tuesday reported an 11 per cent rise in its net profit at Rs 4,015 crore in the second quarter ended September 2024. The Bengaluru-based lender had earned a net profit of Rs 3,606 crore in the same quarter in the previous financial year. Total income increased to Rs 34,721 crore during the quarter under review against Rs 31,472 crore in the same quarter last year, Canara Bank said in a regulatory filing. The bank reported an interest income of Rs 29,740 crore during the quarter, higher than Rs 26,838 crore in the same period a year ago. On the asset quality front, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 3.73 per cent of the gross loans by the end of September 2024 from 4.76 per cent a year ago. Similarly, net NPAs or bad loans moderated to 0.99 per cent from 1.41 per cent at the end of the second quarter of the previous fiscal. The Provisioning Coverage Ratio as of September 30, 2024 stood at 90.89 per ...

Canara Bank Q2 result: Net profit rises 11% to Rs 4,015 cr; income rises

State-owned Canara Bank on Tuesday reported an 11 per cent rise in its net profit at Rs 4,015 crore in the second quarter ended September 2024. The Bengaluru-based lender had earned a net profit of Rs 3,606 crore in the same quarter in the previous financial year. Total income increased to Rs 34,721 crore during the quarter under review against Rs 31,472 crore in the same quarter last year, Canara Bank said in a regulatory filing. The bank reported an interest income of Rs 29,740 crore during the quarter, higher than Rs 26,838 crore in the same period a year ago. On the asset quality front, the bank witnessed improvement with gross Non-Performing Assets (NPAs) declining to 3.73 per cent of the gross loans by the end of September 2024 from 4.76 per cent a year ago. Similarly, net NPAs or bad loans moderated to 0.99 per cent from 1.41 per cent at the end of the second quarter of the previous fiscal. The Provisioning Coverage Ratio as of September 30, 2024 stood at 90.89 per ...

Nifty PSU Bank index soars 4%; Indian Bank, BOB zoom up to 12% post Q2 nos

At 02:20 pm; the Nifty PSU Bank index was the top gainer among sectoral indices, up 4 per cent, as compared to 0.8 per cent rise in Nifty 50.

Stocks to Watch: HDFC Bank, Adani Wilmar, REC, Adani Total, Canara Bank

Stocks to Watch: Life Insurance Corporation of India has increased its shareholding in Bank of Maharashtra from 4.05 per cent to 7.10 per cent following the allotment of shares during a QIP.

Canara Bank invites EoIs for counter bids on exposure to 3 NSL companies

The three NSL group companies include NSL Sugar Ltd, NSL Krishnaveni Sugar Ltd, and NSL Textiles Ltd. NSL Group is led by Mandava Holdings Pvt Ltd, the holding company

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

Punjab Sind Bank to raise upto Rs 3K cr via Infra bonds, appoint bankers

Set to appoint merchant bankers for proposed QIP

Consumer protection: Bank not liable for lack of pledged goods cover

The National Commission noted that merely because the bank had obtained the previous policy did not absolve the customer of its primary responsibility to obtain coverage

RBI rejects Canara Bank's bid for credit card subsidiary amid concerns

The decision by the Reserve Bank of India comes amid increasing concerns over the growing volume of unsecured loans in the banking sector

State-owned Canara Bank mobilises $300 mn through IFSC banking unit

State-owned Canara Bank on Wednesday said it has mobilised USD 300 million via the IFSC Banking Unit. The net proceeds from the issue of the notes will be applied by the Issuer's IFSC Banking Unit at Gandhinagar towards the general corporate purposes, Canara Bank said in a regulatory filing. The bonds with maturity of 5 years carry a coupon rate of 4.896 to be paid semi annually, it said. Commenting on the occasion, Canara Bank MD and CEO K Satyanarayana Raju said, "We are delighted on the successful launch and pricing of this transaction, which enabled us to achieve a 30-bps tightening from the initial price guidance to final price guidance." The issuance was widely subscribed by investors across Asia, Middle East and Europe demonstrating the strong confidence in the Canara Bank's credit, he said.

Canara Bank mops up Rs 3,000 crore in additional Tier-I bonds at 8.27%

The coupon was lower than market expectations; this is the first AT-I issuance by a bank in FY25

First perpetual bond issue after valuation rule change sees strong interest

Canara Bank sold perpetual bonds with a call option at the end of 10 years at a coupon of 8.27 per cent compared to expectations of 8.30 per cent-8.34 per cent

Improving low-cost deposit mobilisation focus area for bank: Canara Bank MD

Improving CASA or low-cost deposit mobilisation is the focus area for the Canara Bank, and efforts taken in the direction are yielding results, its Managing Director K Satyanarayana Raju has said. "Current Account Savings Account (CASA) stood at 31 per cent of the total deposits, and the aim is to increase to 33 per cent by the end of the current fiscal," he told PTI. Rapid growth cannot be expected on the current account side, and it is another challenge to keep them for the long term as businesses tend to move them to term deposits quickly, he said. On the savings side, he said, "Our initiatives have started giving the results. You can see the accumulation and creation of the deposits. From year-on-year basis, June to June, if you see, there is an improvement of Rs 12,000 crore". The focus of the bank will continue on savings bank individual deposits by introducing unique and innovative products, he added. On business growth, he said the bank has given a target of 10 per cent fo

Amid deposit mobilisation issues, Canara Bank on expansion mode: MD Raju

Canara Bank chief executive and managing director K Satyanarayana Raju on Saturday said here that the bank is concentrating on expanding its business by launching new branches as deposit mobilisation has become a challenge in India nowadays. The chief executive noted that the bank launched 150 branches in fiscal 2023 '? 24 and is in the process of opening another 250 in FY25. "Because deposit mobilisation has become a big challenge for bankers nowadays in India, we have started now expanding the branches regularly," Raju told PTI on the sidelines of inaugurating a regional office in West Godavari district headquarters Bhimavaram. He said during the merger of Syndicate Bank with Canara Bank in 2020, as many as 1,300 branches of eithers lenders were shut down. In the Telugu states of Andhra Pradesh and Telangana, the chief executive officer said 22 new branches will be opened in the current fiscal. Out of the bank's total business of Rs 23 lakh crore, he said the Telugu states with

SBI raises MCLR by 10 basis points for all tenors; 3rd hike in 3 months

The latest increase in MCLR by SBI comes days after the RBI left the repo rate unchanged at 6.5 per cent