Canara Bank unveils ₹47,000cr corporate loan pipeline, ₹30,000cr cleared
Canara Bank is stepping up for Indian businesses, rolling out a massive ₹47,000 crore corporate loan pipeline.
According to Managing Director Brajesh Kumar Singh, ₹30,000 crore has already been cleared and another ₹17,000 crore is in the works.
With companies finding market borrowing more expensive these days, the bank's move comes at just the right time.
Canara Bank Q3 credit growth 19%
Singh shared that Canara Bank expects its credit growth to top 19% year-over-year in Q3, thanks to festive season demand and the corporate loan pipeline.
In Q2, they already hit 19.5%, boosted by loans to overseas Indians through an FCNR-B leverage strategy.
Canara Bank raises $5.8B foreign deposits
To keep things solid on the international front, Canara Bank raised $5.8 billion in foreign currency deposits via RBI's window.
Even with a hefty provisioning requirement next fiscal (₹12,000 crore to ₹15,000 crore), Singh says he's focused on keeping returns healthy by making the most of higher net interest income and net profits.