State-owned lender, Canara Bank to launch loan against mutual fund from April 1, chief executive officer and managing director K. Satyanarayana Raju said on January 27.
He added that the bank’s internal committee has approved the product and by the start of next financial year, the bank will launch the product.
“The bank is creating loan against mutual fund product which will be fully digital end-to-end to improve monitoring and efficiency. The digital infrastructure for loan against MFs is planned to be ready by the first week of April,” Raju said during the post earning conference.
Earlier today, the lender has reported a 12.25 percent increase in its standalone net profit to Rs 4,104.20 crore for the third quarter ended on December 31, 2024. The bank had earned a net profit of Rs 3,656.12 crore in the October-December quarter of the previous year.
The total income of the bank increased 11.7 percent to Rs 36,113.77 crore in the third quarter of the current fiscal from Rs 32,333.93 crore in the year-ago period, Canara Bank said in a regulatory filing.
During the quarter, the bank’s interest income rose to Rs 30,311.61 crore from Rs 28,038.83 crore in the same period last fiscal. The bank’s Net Interest Income (NII) declined 2.85 percent to Rs 9,148.57 crore as against Rs 9,417 crore in the same quarter of FY24.
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