In a bid to fund its global business expansion, State-owned Canara Bank is planning to mop up $750 million to $1 billion through issue of bonds in overseas market this month. The bank will use the raised fund for growth of overseas business of the bank.
As part of its global expansion plan, the Bangalore-based bank intends to open branches at 9 nine overseas destinations. Currently, the bank has five overseas branches at London, Leicester, Shanghai, Manama and Hong Kong. The bank already got licence for opening a branch at Johannesburg in South Africa.
The bank’s net profit for the quarter ended March 31, 2013 declined by 12.51% at Rs 725.38 crore for the quarter as compared to Rs 829.09 crore for the quarter ended March 31, 2012. Bank’s total income has increased by 4.81% at Rs 9471.57 crore for the quarter under review as compared to Rs 9036.75 crore for the corresponding quarter of the previous fiscal.
