Canara Bank to mobilise Rs 3000 crore as additional fund

Thiruvananthapuram, May 19 (UNI) The Canara Bank, a leading nationalised bank in the country, is planning to mobilise Rs 3000 crore additional fund in the next year through three routes, its Chairman and Managing Director M B N Rao said today.

Addressing a news conference here, he said the funds would be collected through equity shares, tier-I bonds and tier-II bonds.

With its 2,500 fully computerised brnaches, the aggregate business of the bank moved upto Rs 196,229 crore from Rs 157,217 crore a year ago, recording a grwoth of 24.81 per cent he said adding that the bank today functioned as a financial supermarket with its seven subsidiaries providing a wide array of services.

Mr Rao said the bank had posted a net profit of Rs 1,343.22 crore for 2005-06, showing a 21.06 per cent growth over the previous year.

The total depostis of the bank had also moved up to Rs 116,803 crore from Rs 966,796 crore in 2004-05, registerding a growth of 20.67 per cent. In the case of advances, the bank recorded a robust growth of 31.45 per cent to reach Rs 79,426 crore up from Rs 60,421 crore, he claimed.

The Bank would open its own first exchange house in Sharja, though it had drawing arrangements with 20 Exchange Houses in the Middle East, Mr Rao said.

Mr Rao said the bank targeted a gobal business level of Rs 233,000 crore for 2006-07, with a growth rate of 18.74 per cent, comprising Rs 138,000 crore under deposits and Rs 95,000 crore under advances.

Towards faster implementation of Core Banking Solution the bank targeted over 1000 branches under its coverage. It had also taken up major brand building exercise and a comprehensive review of its business st rategies covering products, processes, people and its organisation structure.

Besides this, the Bank would open about 2000 ATMs, including 91 in Kerala within one year, he added.

UNI CGV1850