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Apr 03, 2013, 10.09 PM IST | Source: PTI

Canara Bank eyes Rs 7 lakh cr business in 2013-14

Canara Bank today said it is targeting a total business to the tune of Rs 7 lakh crore in 2013-14 and has also plans to open 1,300 new branches in next two years to expand its presence.

Canara Bank eyes Rs 7 lakh cr business in 2013-14

Canara Bank today said it is targeting a total business to the tune of Rs 7 lakh crore in 2013-14 and has also plans to open 1,300 new branches in next two years to expand its presence.

"We are targeting to achieve total business of Rs 7 lakh crore in 2013-14. But this target is yet to be approved by the board," bank's Chairman and Managing Director R K Dubey told reporters here. "Bank's main focus will remain on agriculture, retail and MSME for lending," he added. Bangalore-headquartered bank achieved 13 per cent growth with total business size of Rs 6 lakh crore comprising Rs 3.55 lakh crore of deposits in 2012-13.

Asked about bank's expansion, Dubey said the bank is planning to open 1,300 new domestic branches and nine overseas offices in next two years. "We have plans to open 1,300 new branches in next two years, which will take branch strength to 5,000," he said. Dubey said bank would also open nine overseas offices in countries including Brazil, Tokyo, South Africa, Qatar in next two years.

Also read: Will banks continue to remain under pressure in FY14 ?

Canara Bank has presently five overseas branches in countries including Moscow, London, Hong Kong. Asked about hiring, Dubey said the bank would hire 5,500 people in current fiscal which would be required for upcoming branch expansion across the country. "Last year, we recruited 4,000 people and this fiscal we will recruit 5,500," he added.

He further said the bank has also plans to open 10 branches which will have only women employees. These branches will be opened in state capitals.

 

Canara Bank stock price

On November 26, 2014, at 12:16 hrs Canara Bank was quoting at Rs 384.00, down Rs 1.85, or 0.48 percent. The 52-week high of the share was Rs 498.00 and the 52-week low was Rs 209.00.


The company's trailing 12-month (TTM) EPS was at Rs 53.20 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 7.22. The latest book value of the company is Rs 642.16 per share. At current value, the price-to-book value of the company is 0.60.

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