Page 4 - Canara Bank

Canara Bank has increased lending rates for NBFCs by 15-50 bps: CEO

The state-owned lender is cost conscious and will not focus on top line alone, says K Satyanarayana Raju

Canara Bank Q3 results: PAT up 26.86% at Rs 3,656 cr driven by loan growth

Net Interest Margins (NIM) for the third quarter stood at 3.03 per cent, compared to 3 per cent in the previous quarter and 3.05 per cent in the same period last year

Canara Bank Q3 profit jumps 29% to Rs 3,656 crore, NII rises 9.5%

State-owned Canara Bank on Wednesday posted a 29 per cent increase in its profit at Rs 3,656 crore in the third quarter ended December 2023. The bank had earned a net profit of Rs 2,832 crore in the same quarter a year ago. Total income increased to Rs 32,334 crore during the quarter under review against Rs 26,218 crore in the same period last year, Canara Bank said in a regulatory filing. The net interest income of the bank rose by 9.5 per cent to Rs 9,417 crore during the quarter. About asset quality, the bank said its gross Non-Performing Assets (NPAs) declined to 4.39 per cent of the gross loans by the end of December 2023 from 5.89 per cent a year ago. Similarly, net NPAs or bad loans came down to 1.32 per cent from 1.96 per cent at the end of the third quarter of the previous fiscal.

Central Bank of India Q3 results: Profit jumps 57% to Rs 718 crore

The state-owned Central Bank of India on Friday posted a 57 per cent increase in its profit at Rs 718 crore in the third quarter ended December 2023. The bank had earned a net profit of Rs 458 crore in the same quarter a year ago. Total income increased to Rs 9,139 crore during the quarter under review against Rs 7,636 crore in the same period last year, the Central Bank of India said in a regulatory filing. However, the net interest income of the bank declined to Rs 3,152 crore during the quarter compared to Rs 3,285 crore in the same period a year ago. Bank's gross Non-Performing Assets (NPAs) declined to 4.50 per cent of the total loans at the end of December 2023 from 8.85 per cent a year ago. Net NPAs or bad loans also came down to 1.27 per cent from 2.09 per cent at the end of the third quarter of the previous fiscal.

Federal Bank Q3 profit rises 25% to Rs 1,007 cr, NPAs down to 0.64%

Federal Bank on Tuesday posted 25 per cent increase in profit at Rs 1,007 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 804 crore in the same quarter a year ago. Total income increased to Rs 6,593 crore during the quarter under review from Rs 4,967 crore in the same period last year, Federal Bank said in a regulatory filing. The private sector bank earned an interest income of Rs 5,730 crore during the quarter compared to Rs 4,433 crore in the same period a year ago. Gross Non-Performing Assets (NPAs) of the bank declined to 2.29 per cent of gross loans by the end of December 2023 from 2.43 per cent a year ago. Similarly, net NPAs or bad loans came down to 0.64 per cent from 0.73 per cent at the end of the third quarter of the previous fiscal.

NARCL MD & CEO Natarajan Sundar quits, Canara Bank CGM on deputation

Sundar was with State Bank of India before taking charge at NARCL

Stocks to Watch today, Dec 6: Canara Bk, Somany, Zee Learn, Patanjali Foods

Stocks to Watch on Wednesday, December 6, 2023: Axis Bank has initiated Corporate Insolvency Resolution Process against Digital Ventures Private Limited, wholly-owned subsidiary of Zee Lear

Canara Bank plans to transfer credit card portfolio to its subsidiary

At the end of October, Canara Bank's credit card in force was 820,672. CCSL reported a net profit of Rs 7.86 crore during the second quarter of the current financial year

Five years on, co-lending's performance on the field may need a closer look

On paper, the co-lending model is a winner. But it calls for a high level of coordination: Policies would have to be agreed upfront between banks and NBFCs

GNFC, Canara Bank strong on charts; top technical picks by HDFC Securities

As per Vinay Rajani, in the October series, GNFC has seen a long build-up in the derivative segment, which confirms the uptrend

BFSI Summit 2023: Steady growth to continue, CEOs of public banks say

Ashwani Kumar, MD and CEO at UCO Bank said that the growth will be there due to budgetary push by the government, the G20 Summit and the production-linked incentive scheme

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