Canara Bank to focus on retail, business lending

New Delhi: Recording over two-fold jump in its net profit in fiscal year ended March 2022, Canara Bank aims to improve its bottom line further with balanced focus on advances to retail, big and small businesses, coupled with greater focus on digitisation.

During 2021-22, the stateowned lender recorded a robust growth of 122 per cent in its net profit at Rs 5,678 crore, with operating profit rising by over 17 per cent to Rs 23,089 crore. It had earned a net profit of Rs 2,558 crore in the preceding fiscal year ended March 2021. The challenges emanating from the global macro scenario reflected on the domestic economy, leading to a slowing down of the growth momentum of the Indian economy.

However, there are positive signals for aggregate demand with consumer and business confidence picking up, Canara Bank managing director and chief executive officer L V Prabhakar said in its annual report 2021-22. He said bank credit growth is indicating signs of a gradual recovery. “Going forward, credit growth is expected to gain traction in tandem with economic growth. Despite the challenges of FY22, your bank has demonstrated robust business performance with good growth in both deposits and advances,” Prabhakar told shareholders.

Canara Bank is always keen on maintaining a wellbalanced asset mix, encompassing sectors such as agriculture and Micro, Small and Medium Enterprises (MSMEs) as well as keeping a focus on retail assets, including housing, education, and vehicle loans, the official said. —PTI