Amalgamated body of Canara and Syndicate Bank to raise funds

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Amalgamated body of Canara and Syndicate Bank to raise funds

State-owned Canara Bank will raise to Rs 5,000 million in various ways in the current financial year to increase its inflation target and will seek similar funding from shareholders at its next AGM next month. These funds are raised to strengthen the base in the sense that it will be used to expand its loan portfolio along with the loan products of Syndicate Bank like syndicate Bank Personal Loan, Syndicate Bank Mortgage Loan, etc.

Due to specific plans for the expansion of the bank, the implementation of the Basel III policy, and the subsequent payment, there is a need to increase funding to strengthen the value chain, Canara Bank said in its 2019-20 expenditure report. The lender in the Bengaluru capital, which included Syndicate Bank itself from April 1, 2020, has Rs 1,030.23 crore as the current equity and its cash satisfaction rate stands at 13.65 percent on March 31, 2020, in addition to the regulatory requirement of 10.875 percent.

At its previous AGM in July 2019, the bank had sought the approval of shareholders to raise Rs 6,000 crore as the new financial capital through various means including QIP.

However, the bank said it did not raise funds using any of the methods allowed by shareholders, while the government invested shares in the amount of Rs 5771 crore instead of dividends on December 4, 2019. In a message to shareholders amid this global epidemic, Managing Director & CEO L V Prabhakar said the current vision remains uncertain in terms of the economic depth of the ongoing wave.

Continuing, he said the bank aims to improve policies by focusing on equitable marketing, MSME, and corporate development coupled with the further increase in digital investment to improve efficiency. The bank said its steady focus has helped improve the quality of assets in the financial year ended March 2020 as non-performing assets (NPAs) or bad loans have dropped to 8.21% on March 31, 2020, from 8.83% last year. The total NPA was reduced to 4.22% from 5.37%.

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