Public sector - Canara Bank is expecting the overall credit growth for the full year to be 18-20 percent backed by a 22-23 percent growth in deposits despite credit offtake being sluggish in the first quarter. The banks focus on the retail segment was an important area for generating new business. It also expects the credit demand from the industry to pick up in second and third quarters.
The bank aims to generate around Rs 1 lakh crore new business this year to take the total business to Rs 6.25 lakh crore from Rs 5.06 lakh crore last year through a network of 3,500 branches, including 300 proposed branches, by the end of the current financial year.
Recently, in a bid to enlarge its overseas footprint, Canara Bank plans to set up new offices in five countries, including Germany and Japan, during the current fiscal. The bank was in the process of pursuing a license from the US authorities to set up banking operations, which was at very preliminary stage presently. The bank had already got approval from regulators of both India and Bahrain for wholesale banking branch and that will come up next month in Bahrain.
