Page 9 - Canara Bank

Nifty PSU Bank index soars 3% on strong Q2 earnings by PNB, Canara Bank

For the quarter ended September 2023, PNB reported a solid 327 327 per cent YoY surge in net profit, while Canara Bank's net profit grew 42.8 per cent.

Canara Bank Q2FY24 result: Net profit rises 42.8% at Rs 3,606 crore

Healthy NII growth, stable asset quality props up bottom-line

Canara Bank Q2FY24 result: Net profit jumps 42% to Rs 3606 cr; NPA down 27%

The net interest income (NII) for Q2FY24 came in at Rs 26,837.68 crore, compared to Rs 20,106.92 crore year-on-year

Canara Bank raises Rs 5,000 crore at coupon rate of 7.54 % per annum

The Canara Bank has in its maiden issuance of Long Term Infrastructure Bonds raised Rs 5,000 crore at a coupon rate of 7.54 per cent per annum. "The issue received overwhelming response from investors, with bids for more than Rs 14,180 crore against a base issue size of Rs 1,000 crore and green shoe option of Rs 4,000 crore," it said in a statement. The Bank's Long Term Infrastructure Bonds are rated as "AAA/Stable" by CARE Ratings Limited and India Ratings & Research Ltd, it was stated.

Cosmos Coop Bank merges Sahebrao Deshmukh Co-op Bank with itself

Cosmos would have 170 branches in seven states across India

IL&FS, Spanish subsidiary booked for funds fraud in Ethiopian road contract

The CBI has registered a fresh FIR against IL&FS Transportation Network Ltd and its step-down subsidiary Spain-based Elsamex SA for allegedly misappropriating credit facilities to the tune of Rs 239 crore by cheating and diverting funds, officials said on Monday. India Exim Bank had sanctioned a credit limit of Euro 35 million to Elsamex which is also a wholly owned subsidiary of Singapore-based ITNL International Pte Ltd in 2015 for securing and executing overseas contracts. IL&FS Transportation is already facing a CBI probe for causing a loss of over Rs 6,524 crore to a Canara Bank-led consortium. In 2016, a consortium of Elsamex and ITNL won the bid for an Ethiopian project to design, manage and maintain the work of the Nekemte Bure Road upgrading project under an output and performance-based road contract. The project needed disbursal of certain mobilisation advances, which were to be secured by guarantees sanctioned by Exim Bank. So, Euro 32.60 million was allocated under

ED arrests Jet Airways founder Naresh Goyal in Rs 538 cr bank fraud case

The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here. Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek for his custodial remand. The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with an alleged Rs 538-crore fraud case at the Canara Bank. The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore is outstanding. The CBI had said the account was declared "frau

CBI files 2 cases on Varun Industries in Rs 388 crore fraud in two banks

The CBI has registered two separate cases against Varun Industries for alleged bank fraud of more than Rs 388 crore, officials said Wednesday. The company, its promoters and directors Kailash Agarwal and Kiran Mehta were booked in the two fresh cases registered on separate complaints from the Central Bank of India and Canara Bank, they said. The Central Bank of India has alleged that it has suffered a loss of Rs 269.29 crore, while Canara Bank pegged the losses to be around Rs 118.88 crore, they said. "The accused company had availed PCL facilities for the export of steel and kitchenware items, but it was revealed that at least on three occasions, the beneficiaries of Packing Credit Limits (PCL) were not dealing with the steel and kitchenware items," the FIR pertaining to Canara Bank said. In its FIR registered on the complaint of Canara Bank, the Mumbai unit of the CBI's Banking Securities and Fraud Branch noted that the proceeds in the PCL facilities were diverted to other ...

Bank of Baroda, Canara Bank, BoM raise rates by up to 10 basis points

One year MCLR hiked to 8.7% with effect from Saturday

Bank of Baroda, Canara Bank, BoM hike lending rates by up to 10 bps

A number of public sector banks, including Bank of Baroda (BoB) and Canara Bank, raised the marginal cost of funds based lending rates (MCLR) by up to 10 basis points even though RBI retained policy rate on Thursday. The move will make EMIs linked to MCLR expensive. The one-year tenor MCLR is the rate against which most consumer loans are tied to. The revised one-year MCLR would be 8.70 per cent as against the existing rate of 8.65 per cent, BoB said in a regulatory filing. The new rate would be effective from August 12, it said. Canara Bank too raised its MCLR by 5 basis points to 8.70 per cent effective August 12. Another public sector lender, Bank of Maharashtra (BoM) has increased its MCLR by 10 basis points. With the hike, the rate of one-year MCLR rises to 8.60 per cent as compared to 8.50 per cent, BoM said in a filing. The revised rate is effective from August 10, 2023, it said. The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6

Public sector banks' lending to state govt units down 20% in FY23

The moderation in lending follows the Reserve Bank of India's missive to lenders for not doing enough due diligence and monitoring the end use of funds

Canara Bank Q1FY24 net up 74.81% to Rs 3,534.8 crore, NII up 27.7% YoY

The asset quality profile improved, with gross NPAs declining to 5.15 per cent in June 2023 from 6.94 per cent in June 2022

Canara Bank reports profit surge of 75% to Rs 3,535 cr in June quarter

State-owned Canara Bank on Monday reported a 75 per cent rise in net profit at Rs 3,535 crore in the June quarter, helped by decline in bad loans and growth in interest income. The Bengaluru-based lender had posted a net profit of Rs 2,022 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 29,828 crore, from Rs 23,352 crore in the same period a year ago, Canara Bank said in a regulatory filing. Interest earned by the bank improved to Rs 25,004 crore over Rs 18,177 crore in June 2022. The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.15 per cent of gross advances at the end of the June quarter, from 6.98 per cent a year ago. Similarly, net NPAs or bad loans declined to 1.57 per cent, as against 2.48 per cent in the year-ago period. As a result, provision for bad loans came down to Rs 2,418 crore, as against Rs 2,673 crore allocated in the same quarter a year ago. Capital Adequacy Ratio of

ED files fresh case against former Jet Airways promoter Naresh Goyal

The Enforcement Directorate has conducted eight searches so far in locations linked to Naresh Goyal after filing a fresh case where Canara Bank is the complainant

Culture Ministry, Canara Bank sign MoU for financial assistance to artists

A Memorandum of Understanding was signed between the Ministry of Culture and a PSU bank on Wednesday for the disbursal of financial assistance to veteran artists, officials said. The ministry administers a 'Financial Assistance for Veteran Artists' scheme under which financial assistance of Rs 6,000 per month is provided to artists and scholars above the age of 60, who have contributed significantly in their specialised fields of performing arts and culture in their active age or are still contributing, but due to old age, they are facing difficulty and are in penury condition. Currently, under the scheme, disbursal of financial assistance in respect of artists selected before 2017 is made through the LIC while for the artists approved post-2017, it is made directly by the ministry, according to an official statement issued by the ministry. It has been noted that the receipt of documents from the beneficiaries often gets delayed resulting in disbursal of the amount as a lump sum ...

Canara Bank initiates process to launch IPOs of two non-core arms: Report

If listed, Canara Robeco AMC will be the fifth mutual fund to list after HDFC, Nippon Life, UTI, and Aditya Birla

CBI files case against IL&FS Transportation Network for defrauding 19 banks

The fraud done by IL&FS Transportation Network Ltd (ITNL) and its directors came to light in 2018 after the National Company Law Tribunal (NCLT) appointed a new board of directors

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

Surge in market valuations may give PNB, three other PSBs largecap status

Elevation expected during reclassification by Amfi next month

Insurance, MF ventures to list in 15-18 months: Canara Bank MD & CEO

'Ninety per cent of the public sector bank's term deposits are in the bucket of one year'