Canara Bank expects Rs 112,00-cr growth

Bangalore: Canara Bank has targeted over 15 per cent growth to take the total global business to Rs 112,000 crore in 2002-03 from Rs 97,000 crore last year. The total business is made up of Rs 73,500 crore of deposits and Rs 38,500 crore of advances against Rs 63,500 crore and Rs 33,500 crore, respectively, last year.

The business plan for 2002-03 was launched by Canara Bank CMD R V Shastri and executive director N Kantha Kumar at a conference of senior management executives of the bank held here recently. Shastri said continuing the thrust made during the last financial year, the bank is aiming to disburse Rs 5,500 crore under retail banking and housing against Rs 1,700 crore. Priority sector advances is set to reach a level of Rs 13,200 crore - up by 25 per cent from Rs 10,500 crore last year. The bank is planning to computerise 200 more branches, taking the total number of computerised branches to 1,750, covering more than 85 per cent of the business.

Shastri indicated that the bank is well set to cross the Rs 1,550-crore mark in respect of operating profits during 2001-02 against Rs 1,131 crore in 2000-01. The bank plans to go public sometime during August-September 2002.