Canara Bank Targets 6,000 Crore Recovery in Second Half of FY25

4 Nov 2024 , 01:38 PM

During the second half of the current fiscal year, state-owned Canara Bank hopes to recover over Rs 6,000 crore from problematic loans. K Satyanarayana Raju, managing director and CEO of Canara Bank, told PTI, “We are anticipating recovery somewhere around Rs 3,000 crore in the third quarter and a similar amount in the fourth quarter.”

In the second quarter, the bank recovered Rs 2,905 crore, which included recovery from written-off accounts.

According to Raju, since the bank will be underwriting quality loans, there would be far less slippages than recovery.

He responded that the Canara Robeco Asset Management Company’s IPO might take place in the fourth quarter of current fiscal year when asked about it.

It is anticipated that the finance ministry would soon approve Canara Robeco Asset Management Company’s (AMC) initial public offering (IPO).

51% of the mutual fund is owned by the lender. It intends to use an IPO to sell off 13% of its shares.

Canara Bank approved in principle the listing of its mutual fund subsidiary through an initial share sale in December.

Together with HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC, this would be the sixth mutual fund house to float on the public exchanges.

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