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United News of India
15 hours ago
- Business
- United News of India
Canara Bank pays Rs 2,283.41 Cr dividend to Central Govt
Hyderabad/New Delhi, June 27 (UNI) Canara Bank, a Bengaluru-based public sector lender Bank, has paid a dividend of Rs 2,283.41 Crore for the financial year 2024-25 to the Government of India. The Managing Director and CEO K Satyanarayana Raju handed over the dividend cheque to Union Finance Minister Nirmala Sitharaman, the bank said in a release on Friday. For the financial year 2024-25, the Bank declared a dividend of Rs 4 per share (i.e., 200% of face value of Rs 2 per share) reflecting its robust financial performance The bank reported a record net profit of Rs 17,027 crore for the year 2024-25, compared to Rs 14,554 crore in the previous year. This marks a 16.99 per cent increase in annual profit. The dividend payout projects Canara Bank's strong financial performance and its continued commitment to long term value for all stakeholders, including the Government of India, which is the majority shareholder. Bank Executive Directors --Hardeep Singh Ahluwalia, Bhavendra Kumar, and S.K. Majumdar were also present on the occasion. UNI KNR BM
Time of India
11-05-2025
- Business
- Time of India
Canara Bank to grant Rs 50,000 crore corporate loans
Canara Bank has created a ₹50,000-55,000 crore corporate loan pipeline which would be disbursed over the next few months and help the state-owned lender raise its stake with India Inc, said managing director K Satyanarayana Raju. #Operation Sindoor India responds to Pak's ceasefire violation; All that happened India-Pakistan ceasefire reactions: Who said what Punjab's hopes for normalcy dimmed by fresh violations He told ET that the bank is aiming to increase its corporate lending by 10% while the guidance for credit growth in this financial year is pegged at 10-11%. The size of its corporate book stood at ₹4.63 lakh crore at the end of March, contributing about 43% to the total gross loan portfolio of ₹10.7 lakh crore. The bulk of the sanctioned corporate loans are in the manufacturing, infrastructure, real estate and green energy sectors, Raju said. "These loans would be disbursed in the next few months," he said. Of the total loan pipeline, about ₹25,000-28,000 crore was sanctioned before April while the balance amount has been sanctioned in principle and the bank is in the process of evaluating it. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Dhaka - Watch What Happens Happy in Shape Undo On the liability side, Raju said that the bank is aiming to mobilise recurring deposits and has set a target of raising ₹600-750 crore as the first instalment by the end of this month. This will ensure a regular flow of funds for the next one year. Bulk deposits contribute one-fourth of the bank's total deposits while the share of low-cost current and savings accounts (CASA) deposits stood at 31.17% at the end of March, against a guidance of 33%. Live Events The bank has revised the CASA guidance for 2025-26 downwards to 32%. In comparison, Indian Bank had CASA ratio of 40.17% at the end of March while Bank of Maharashtra had 53.28%. "We don't want to cross the 25% level for bulk deposits," Raju said, adding that banks cannot ignore bulk deposits and no one wants to compromise credit growth. Deposits above ₹3 crore in a single account are classified as bulk deposits. Banks pay a little more interest on bulk deposits than on retail deposits. Canara Bank is planning to open 250 branches this fiscal to add to its existing network of 9,849 branches to expand its business. It will decide on the annual borrowing plan at its next board meeting.
Economic Times
11-05-2025
- Business
- Economic Times
Canara Bank deploys employees to garner deposits, mobilises Rs 16,000 cr in 10 weeks
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Faced with challenges on deposit growth, state-owned Canara Bank asked each of its 82,000-strong staff to go out to garner funds, and mobilised Rs 16,700 crore in ten weeks, a top official has said. Amid the system-wide challenges of deposit accretion, the bank's top management gave a call to every employee to garner deposits, and the drive began on January 26 this year."We had given a call to each of the 82,000 staff members to canvas, contacting their relations and whatever there is in their circle. Each one should bring Rs 10 lakh as a deposit either in CASA (current and savings account) or retail term deposit," its managing director and chief executive K Satyanarayana Raju told staff members supported the drive wholeheartedly and are in "sync" with the top leadership, Raju said, underscoring that the management's actions over the last 2-3 years have helped in the drive."In the last 2-3 years, we have taken steps to get benefits to the staff members, bringing transparency in promotions, performance recognition, and transfers, which has gone well. When we gave a call, we explained to them properly and we could convince them about the need of the hour," he said, adding that the trade unions also responded said the drive yielded positive results, and the staff was able to collect Rs 16,700 crore in deposits, split evenly between CASA and term helped reduce the credit deposit ratio to 73 per cent in the March quarter from the 76 per cent levels in December, he said the bank was on the verge of hitting the 80 per cent threshold on the CD ratio front, especially with the high demand for credit in the last quarter, and the urge to do something on this front led it to fall back on the reliance on the bulk deposits has also gone down because of this innovative drive, he said, adding that the share of such high-cost liabilities has decreased to 23 per cent from 25 per cent it clear that this was not a drive aimed at putting up a high number on deposit for the period-end, Raju said the drive has helped the overall business, as there is stickiness in even the CASA has helped the bank connect better with its customer base, and the benefits of the same will accrue in the future, the MD said, adding that the next area of focus will be to garner the monthly recurring deposits.
Time of India
11-05-2025
- Business
- Time of India
Canara Bank staff-led drive mobilises Rs 16,700 crore in 10 weeks amid deposit growth challenge
Faced with deposit growth challenges, Canara Bank launched a unique internal campaign by asking each of its 82,000 employees to contribute towards deposit mobilisation . Resultantly, the bank collected Rs 16,700 crore within just ten weeks, a top official has said. The initiative began on January 26, 2024, amid a system-wide slowdown in deposit accretion. The bank's top management appealed directly to staff, urging them to reach out within their personal and professional circles to help boost the bank's deposit base. 'We had given a call to each of the 82,000 staff members to canvas, contacting their relations and whatever there is in their circle. Each one should bring Rs 10 lakh as a deposit either in CASA (current and savings account) or retail term deposit,' Managing Director and Chief Executive Officer K Satyanarayana Raju told PTI. Operation Sindoor Amid flare-up hours after thaw, officials say things will settle down with time Ceasefire on, but pressure stays: Key decisions by India against Pak that still stand 'Will work with India & Pakistan to seek solution on Kashmir': Trump Raju said the campaign received wholehearted support from employees, who were aligned with the leadership's vision, thanks to a series of internal reforms over recent years. 'In the last 2-3 years, we have taken steps to get benefits to the staff members, bringing transparency in promotions, performance recognition, and transfers, which has gone well. When we gave a call, we explained to them properly and we could convince them about the need of the hour,' he said, adding that the trade unions also responded positively. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Prime Swing Trader Mr. Hemant Shares His Winning Strategy for Free! TradeWise Learn More Undo The initiative resulted in Rs 16,700 crore in new deposits, split evenly between CASA and term deposits, Raju said. This infusion helped bring the bank's credit-deposit (CD) ratio down to 73 per cent in the March quarter from 76 per cent in December, he noted. He explained that the bank had been nearing the 80 per cent threshold in CD ratio due to heightened credit demand in the final quarter, prompting the urgent employee-led drive. The strategy also reduced Canara Bank's reliance on bulk deposits—typically high-cost liabilities—with their share falling to 23 per cent from 25 per cent earlier. Raju clarified that this was not a short-term move to boost end-of-quarter numbers, but a business-strengthening strategy. 'This was not a drive aimed at putting up a high number on deposit for the period-end,' he said. 'It has helped the overall business, as there is stickiness in even the CASA balances.' He added that the effort also strengthened the bank's connection with its customer base, with long-term benefits expected to follow. Looking ahead, the bank plans to shift its focus towards mobilising monthly recurring deposits. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
11-05-2025
- Business
- Time of India
Canara Bank deploys employees to garner deposits, mobilises Rs 16,000 cr in 10 weeks
Faced with challenges on deposit growth, state-owned Canara Bank asked each of its 82,000-strong staff to go out to garner funds, and mobilised Rs 16,700 crore in ten weeks, a top official has said. Amid the system-wide challenges of deposit accretion, the bank's top management gave a call to every employee to garner deposits, and the drive began on January 26 this year. #Operation Sindoor India responds to Pak's ceasefire violation; All that happened India-Pakistan ceasefire reactions: Who said what Punjab's hopes for normalcy dimmed by fresh violations "We had given a call to each of the 82,000 staff members to canvas, contacting their relations and whatever there is in their circle. Each one should bring Rs 10 lakh as a deposit either in CASA (current and savings account) or retail term deposit," its managing director and chief executive K Satyanarayana Raju told PTI. The staff members supported the drive wholeheartedly and are in "sync" with the top leadership, Raju said, underscoring that the management's actions over the last 2-3 years have helped in the drive. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Moose Approaches Girl At Bus Stop In Jawa Tengah - Watch What Happens Happy in Shape Undo "In the last 2-3 years, we have taken steps to get benefits to the staff members, bringing transparency in promotions, performance recognition, and transfers, which has gone well. When we gave a call, we explained to them properly and we could convince them about the need of the hour," he said, adding that the trade unions also responded positively. Raju said the drive yielded positive results, and the staff was able to collect Rs 16,700 crore in deposits, split evenly between CASA and term deposits. Live Events This helped reduce the credit deposit ratio to 73 per cent in the March quarter from the 76 per cent levels in December, he added. He said the bank was on the verge of hitting the 80 per cent threshold on the CD ratio front, especially with the high demand for credit in the last quarter, and the urge to do something on this front led it to fall back on the employees. Its reliance on the bulk deposits has also gone down because of this innovative drive, he said, adding that the share of such high-cost liabilities has decreased to 23 per cent from 25 per cent earlier. Making it clear that this was not a drive aimed at putting up a high number on deposit for the period-end, Raju said the drive has helped the overall business, as there is stickiness in even the CASA balances. It has helped the bank connect better with its customer base, and the benefits of the same will accrue in the future, the MD said, adding that the next area of focus will be to garner the monthly recurring deposits.
