Canara Bank global business increases 19% in FY04

Canara Bank has reported a 19 per cent growth in global business in FY 2003-04 to Rs 1,33,900 crore as against Rs 1,12,567 crore in the previous financial year.

In the new financial year, besides achieving 100 per cent computerisation, the bank will also double the number of ATMs to 1,000.

As per quick estimates put out by the bank its deposits increased by 19.70 per cent to Rs 86,300 crore (Rs 72,095 crore in FY 2002-03) and net advances were up by 17.61 per cent to Rs 47,600 crore (Rs 40,472 crore).

Non-Food Credit clocked higher growth of 21.89 per cent to reach Rs 44,600 crore from Rs 36,591 crore.

Like in the previous year, retail lendings provided a big push to the Bank's overall advances portfolio, forming 16.39 per cent of total credit vis-a-vis 13.76 per cent as at March 2003.

Outstanding retail advances grew by 40.14 per cent to reach Rs 7,800 crore from Rs 5,566 crore. Within retail portfolio, the housing loan portfolio jumped by 76.54 per cent to reach Rs 2,800 crore from Rs 1,586 crore. Priority Sector advances increased by 26.68 per cent to reach Rs. 18,500 crore, forming 41.78 per cent of the bank's net credit.

Within the priority sector advances, agricultural advances aggregated to Rs 6,450 crore, compared with Rs 5,407 crore as on March 31, 2003, recording a growth of 19.3 per cent.

Advances to the SSI sector reached Rs 4,850 crore, signifying a 24.87 per cent growth as against 15.39 per cent in 2002-03.

Business per branch increased to Rs 53.25 crore against Rs 45.65 crore. Business per employee moved up to Rs 2.92 crore from Rs 2.46 crore.

As of March 31, 2004, there were 2,468 branches of the bank vis-a-vis 2,423 a year ago, while the number of extension counters rose to 273 from 240. The bank had 2,384 computerised branches accounting for 97 per cent of total branches and about 91 per cent of the bank's business.

As against an ATM target 500, the total number of ATMs stood at 504 covering 175 centres, the incremental addition to the ATMs during the year being 253.

The bank's ATM-cum-debit card base rose by almost 300 per cent to move up from 2.97 lakh as on March 31, 2003, to 8.40 lakhs by March 31, 2004.

The number of AnyWhere Banking branches stood at 609 covering 85 centres. Anywhere Banking will be available in more than 1,000 branches.

The bank has already decided to go in for core banking solution for which ground work has already been taken up. Core banking solution is expected to be available in about 1000 branches in a span of two years.