Canara Bank is aiming to improve bottom line further with balanced thrust on retail, MSME and corporate advances, coupled with increased adoption of digitalization for efficiency improvement. The bank recorded an 87 per cent jump in net profit to Rs 10,604 crore in FY 2022-23 with operating profit growing by 20.04 per cent to Rs 27,716 crore compared to preceding financial year.
The bank expects a substantial improvement in low-cost deposits base in FY 2023-24 by increasing customer base, rolling out innovative and customised products and by leveraging technology to provide best in the services to valued customers.
Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.
