Canara Bank aims Rs 6,000 crore recovery in October-March FY25
State-owned Canara Bank aims to recover about Rs 6,000 crore from bad loans during the second half of the current fiscal.
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06:09 PM IST
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 listing its mutual fund subsidiary by an initial share sale.
Upon listing, this will mark the entry of the fifth mutual fund house into the stock markets, joining the ranks of HDFC AMC, Nippon Life India AMC, UTI Asset Management Company and Aditya Birla Sun Life AMC.
About infrastructure bonds, Raju said the bank has already raised Rs 10,000 crore in July and is in the process of deploying it. The bank is unlikely to raise further funds through long-term infra bonds during the current fiscal.
For the second quarter, Canara Bank reported an 11 per cent rise in net profit to Rs 4,015 crore against Rs 3,606 crore in the same quarter a year ago. The total income of the Bengaluru-based lender increased to Rs 34,721 crore during the quarter under review against Rs 31,472 crore in the same quarter last year.
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