The Hindu : Canara Bank targets 15 p.c. growth

Online edition of India's National Newspaper
Friday, Apr 26, 2002

Business

Business

Canara Bank targets 15 p.c. growth

BANGALORE APRIL 25. Canara Bank has targeted over 15 per cent growth to take the total global business to Rs. 112,000 crores in 2002-03 from Rs. 97,000 crores last year. The total business is made up of Rs. 73,500 crores of deposits and Rs. 38,500 crores of advances against Rs. 63,500 crores and Rs. 33,500 crores respectively last year.

The business plan for 2002-03 was launched by R. V. Shastri, chairman and managing director and N. Kantha Kumar, executive director at a conference of top management executives of the bank, held in Bangalore on April 23 and 24.

Mr. Shastri said that continuing the thrust made during last financial yea, the bank was aiming to disburse Rs. 5,500 crores under retail banking and housing against Rs. 1,700 crores. Priority sector advances is set to reach a level of Rs. 13,200 crores up by 25 per cent from Rs. 10,500 crores last year.

The bank is planning to computerise 200 more branches taking the total number of computerised branches to 1,750,covering more than 85 per cent of the business.

Mr. Shastri indicated that the bank was well set to cross the Rs. 1,550 crore mark in respect of operating profit during 2001-02 against Rs, 1,131 crores in 2000-01.The bank is set to go public sometime during August-September this year.

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