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L. V. Prabhakar, MD and CEO of Canara Bank
The thrust on premier CASA products, like Canara Galaxy, Canara Privilege, SB Payroll, SB Powerplus, Canara Jeevandhara and NRI accounts were given to improve the average balances under CASA, according to L. V. Prabhakar, MD and CEO of Canara Bank.
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L. V. Prabhakar, MD and CEO of Canara Bank
Having completed 116 years of long and glorious service, Canara Bank, during FY21 saw its global business increase to Rs 16,8,6030 crore, with global deposits at Rs 101,0875 crore and global advances growing to Rs 675,155 crore. The domestic business of Canara Bank also increased to Rs 16,15,864 crore with domestic deposits at Rs 963,306 crore and domestic advances at Rs 652,558 crore.
For FY21, the total income of the bank increased to Rs 84,525 crore while its non-interest income increased to Rs 15,285 crore. The bank’s cost of deposits decreased to 4.52 per cent. The bank achieved a record operating profit in FY21 with net profit of Rs 2,558 crore, despite the challenges of a pandemic year.
The thrust on premier CASA products, like Canara Galaxy, Canara Privilege, SB Payroll, SB Powerplus, Canara Jeevandhara and NRI accounts were given to improve the average balances under CASA, according to L. V. Prabhakar, MD and CEO of Canara Bank. Consequently, the CASA share improved to 34.33 per cent with savings deposits at Rs 281,525 crore and current deposits at Rs 49,131 crore in FY21.
The retail term deposits increased to a robust Rs 42,0333 crore in FY21. The bank boasted of a strong deposits clientele base of about 10.41 crore customers.
Notable in FY21 was the bank’s core retail portfolio that increased to Rs 115,312 crore with housing loans increasing to Rs 64,326 crore, vehicle loans increasing to Rs 13,713 crore and education loan growing to Rs 12,439 crore. The number of borrowal clientele stood at a little over one crore at the end of March 31, 2021. The advances to MSME stood at Rs 108,334 crore with MSE advances of Rs 94,822 crore. In order to increase credit flow to this segment, in FY21 Canara Bank launched various need-based schemes and products catering to the needs of specific segments.