Canara Bank targets up to $2.5 billion via FCNR-B, overseas borrowings

Listen to this article in summarized format

The state-owned lender targets to raise $1.5 billion from FCNR-B alone by September, managing director Brajesh Kumar Singh said.

"We have already raised $750 million in FCNR-B deposits and expect the count to cross $1 billion this month," Singh said after announcing a slim 2.2% year-on-year rise in first quarter net profit at Rs 4856 crore against Rs 4752 crore in the year-ago period.

He said that the bank would target to raise around $1 billion in the third quarter through a combination of external commercial borrowing and overseas foreign currency borrowing.

He also said that the mobilisation of FCNR-B deposits would help the bank shed about Rs 10000 crore of bulk deposits, which constitutes over a fifth of the bank's total deposit base, keeping cost of deposits near 5.3% even after a 40 basis point moderation year-on-year.

The bank's gross advances expanded by 18% year-on-year to Rs 12.93 lakh crore while deposits increased by 11.6% to Rs 16.12 lakh crore at the end of June.

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price