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Canara Banks to improve bottom line with balance focused on lending

June 20, 2022

Canara Banks to improve bottom line with balance focused on lending
Recording over a two-fold jump in its net profit in the financial year ended March 2022, Canara Bank aims to improve its bottom line further with a balanced focus on advances to retail, big and small businesses, coupled with a greater focus on digitisation.

During 2021-22, the state-owned lender recorded a robust growth of 122 percent in its net profit at ₹5,678 crores, with operating profit rising by over 17 percent to ₹23,089 crores.

It had earned a net profit of ₹2,558 crores in the preceding financial year ended March 2021.

The challenges emanating from the global macro scenario reflected on the domestic economy, leading to a slowing down of the growth momentum of the Indian economy. However, there are positive signals for aggregate demand with consumer and business confidence picking up, Canara Bank managing director and chief executive officer L V Prabhakar said in its annual report 2021-22.

He said bank credit growth is indicating signs of gradual recovery and improvement is being observed in exports and imports.

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