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Last Updated : Jul 25, 2019 04:58 PM IST | Source: CNBC-TV18

Looking to sell stake in Canfin Homes before next quarter: Canara Bank chief RA Sankara Narayanan

Canara Bank on July 24 reported a 17.08 percent rise in its standalone net profit to Rs 329.07 crore for the quarter ended June 30.

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Canara Bank is confident of achieving a loan growth of 12 to 13 percent in the financial year 2020, said RA Sankara Narayanan, Managing Director and CEO of the bank.

"Our budget for the current year is roughly around 13 percent and with growth in retail, as well as cooperate, we are confident to achieve minimum 12-13 percent (loan growth) for the current year," he said in an interview with CNBC-TV18.

The lender on July 24 reported a 17.08 percent rise in its standalone net profit to Rs 329.07 crore for the first quarter ended June 30, mainly driven by reduction in bad loans. The bank had registered a net profit of Rs 281.49 crore in the April-June period of 2018-19.

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Total income rose to Rs 14,062.39 crore in the June quarter from Rs 13,192.46 crore in same period a year ago, Canara Bank said in a regulatory filing.

When asked about cutting deposit rates across products, Narayanan said: "Deposit rates are markets determined and definitely with the Reserve Bank of India (RBI) signalling lowering of interest rates we will also cut depending on the market conditions. We are confident that we will be controlling the bulk deposits and interest thereof, definitely, there will be a reduction of cost of deposits for September quarter."

While talking about slippages and stressed assets like Jet Airways, he said: "Jet Airways has slipped as NPA to all the lenders and our bank is not excluded. We had one road project of smaller amount and engineering, procurement and construction (EPC) account in one more account. All these 3 accounts constitute around Rs 1,200 crore and the remaining things are smaller accounts which got upgraded during the quarter also.”

:The quantum of slippage around Jet Airways was roughly around Rs 600 crore," added.

Speaking about his stake sale in Canfin Homes, Narayanan said: "The process is on and it must be through in before next quarter. It is a listed firm, so it should not be a problem to find the valuations and that's one of the best performing housing finance companies (HFCs) also. We are very confident that it will have a right investor with the right valuation and confident that it will be through in the next 3 months' time."

Source: CNBC-TV18

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First Published on Jul 25, 2019 04:58 pm
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