Canara Bank Targets Growth with Focus on CASA for Long-Term Stability

Canara Bank is emphasizing the improvement of CASA (Current Account Savings Account) deposits, aiming to increase them from 31% to 33% of total deposits by the end of the fiscal year. The bank has seen significant growth and aims for further expansion in savings deposits and overall business growth.

Canara Bank has set its sights on enhancing CASA (Current Account Savings Account) deposits, aiming to increase the share from 31% to 33% of the total deposits by the end of the fiscal year, according to Managing Director K Satyanarayana Raju.

Despite challenges in maintaining current accounts for the long term, the bank's efforts in mobilizing low-cost deposits are yielding results, with an impressive year-on-year improvement of INR 12,000 crore in savings deposits as of June. The bank's strategy will continue to focus on unique and innovative products to attract individual savings bank deposits.

Canara Bank has set a business growth target of 10% for the current financial year, already surpassing it with an 11% increase in the first quarter. The bank expects further growth in the upcoming quarters, targeting an 11-12% overall growth. For the first quarter, Canara Bank posted a 10% rise in net profit to INR 3,905 crore and saw total income climb to INR 34,020 crore.

(With inputs from agencies.)