Canara Bank, a leading nationalized bank, is planning to sell around Rs 900 crore of bad loans to asset reconstruction companies (ARCs). The bank had already sold Rs 600 crore in the first quarter of the current fiscal and another Rs 1,300 crore in the fourth quarter last year. The bank's gross NPA for the April-June quarter of the current fiscal stood at 2.67%, as compared to 2.91% in the same quarter of the previous year. The bank is aiming to bring down non-performing assets ratio to 2 per cent by March next year.
Meanwhile, the bank has sought Rs 500 crore from the government and is awaiting the government's approval for raising Rs 3,000 crore from qualified institutional investors.
The bank's net profit for first quarter ended June 30,2014 rose by 1.86% at Rs 806.86 crore as compared to Rs 792.07 crore for the quarter ended June 30, 2013. Its total income increased by 11.61% to Rs 11728.01 crore for the quarter under review from Rs 10507.88 crore for the corresponding quarter of the previous year.
The promoters holding in the company stood at 69.00% while Institutions and Non-Institutions held 24.09% and 6.92% respectively.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 498.00 and a 52 week low of Rs 189.90 respectively
Current price of stock is 394.15, up by 5.95 points from its previous closing of Rs 388.20 on the BSE.
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