Canara bank net profit rises 21.83% in Q2FY20

Canara Bank net profit rose 21.83% to Rs 364.92 crore on 14.06% increase in total income to Rs 14,461.73 crore in Q2 September 2019 over Q2 September 2018.

The result was announced during market hours today, 6 November 2019.

The bank reported an improvement in asset quality. The bank's gross non-performing assets (NPAs) stood at Rs 38711.33 crore as on 30 September 2019 as against Rs 39399.02 crore as on 30 June 2019 and Rs 45233.22 crore as on 30 September 2018.

The ratio of gross NPAs to gross advances stood at 8.68% as on 30 September 2019 as against 8.77% as on 30 June 2019 and 10.56% as on 30 September 2018.

The  ratio of net NPAs to net advances stood at 5.15% as on 30 September 2019 as against 5.35% as on 30 June 2019 and 6.54% as on 30 September 2018.

The bank's provisions and contingencies declined 28.12% to Rs 2037.97 crore in Q2 September 2019 over Q2 September 2018.

Provision Coverage Ratio improved to 70.11% in Q2 2019 from 61.39% in Q2 2018.

Canara Bank is a state-owned commercial bank with headquarters in Bangalore. The Government of India holds a 70.62% stake in Canara Bank as of September 2019.

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Canara Bank profit rises 17% in Q1FY20

Canara Bank wednesday reports its net profit in the June quarter rose 17% year-on-year because of lower provision and improved asset quality.

The bank posted a net profit of ₹329.07 crore for the three months ended 30 June compared with ₹281.49 crore in the year-ago period. Profit was higher than ₹284 crore estimated by analysts.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 11.70 % in the June quarter compared with 11.90 % in the March quarter and 13% in the year-ago period.

Provisions during the quarter fell 26.46% to₹1,899.13 crore as against ₹2,582.30 crore in the year-ago quarter. In the Jan-Mar quarter, the bank had set aside ₹5,523.50 crore in provisions.

Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 16.54% to₹3,240.61 crore from ₹3,882.9 crore in the corresponding period of last year.

Other income, which includes core fee income, rose 1.58% to ₹1,861.87 crore in the three months from ₹1832.91 crore a year ago.

Post provision, the net NPA ratio was at 8.2% against 8.31% in the Jan-Mar quarter and 9.35% in the year-ago quarter.

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These Smaller banks to be merged with PNB & Canara bank in next round of consolidation

The consolidation of public sector banks is expected to get fresh impetus as a few mid-sized and small state-run lenders are being considered for mergers with Punjab National Bank (PNB) and Canara Bank, two senior finance ministry officials told.

The mid-sized lenders that have been identified for merger include Allahabad Bank, Andhra Bank, Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, UCO Bank, United Bank of India and Union Bank of India, said one of the officials who didn’t wish to be named.

PNB and Canara Bank will separately lead the merger process with these banks, said the official.

With the Bank of Baroda merger with Vijaya Bank and Dena Bank already underway, the next phase of PSB consolidation is expected to begin early next year, said the second official who also spoke on condition of anonymity.

“The merger process of Bank of Baroda, Vijaya Bank and Dena Bank is going ahead smoothly and is expected to take another year to complete. The second phase of merger will be launched soon, irrespective of which party comes to power,” said the second official.

The official added that the next phase of merger could be taken up simultaneously and in a more aggressive manner.

However, the country’s largest lender State Bank of India, which has already taken its associate banks and Bharatiya Mahila Bank within its fold, is unlikely to be touched in the near future.

PNB’s merger efforts

Last year, Punjab National Bank was in talks with other government banks, with a strong presence in south India, for a possible merger.

However, it aborted the idea with its non-performing assets (NPA) rising to 18 per cent. Besides, the bank hit by the Nirav Modi scandal last year also ran into huge losses. Its NPA level is now down to about 16 per cent.

“It was deferred due to these pressing issues but now that bank has considerably recovered and the acquisition plan will be looked into,” said the first ministry official.

PNB was also in talks with Vijaya Bank for a possible merger.

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Canara Bank Q4 loss narrows on lower provisioning for bad loans

State-owned Canara Bank on Friday said its net loss narrowed multi-fold to Rs 551.53 crore for the fourth quarter of fiscal 2018-19, mainly driven by lower provisioning for bad loans.

The bank had posted a net loss of Rs 4,859.77 crore during the corresponding January-March period of the preceding fiscal. Total income of the bank during the March quarter rose to Rs 14,000.43 crore, compared to Rs 11,555.11 crore in the year-ago period, Canara Bank said in a regulatory filing. For the full 2018-19 fiscal, the bank has posted a net profit of Rs 347.02 crore. There was a net loss of Rs 4,222.24 crore in 2017-18.

Total income during the fiscal was higher at Rs 53,385.30 crore as against Rs 48,194.94 crore a year earlier. The Bengaluru-headquartered lender witnessed improvement in the asset quality with the gross non-performing assets (NPAs) falling to 8.83 per cent of gross advances at March-end 2019 compared to 11.84 per cent a year earlier. Net NPAs or bad loans stood at 5.37 per cent, compared with 7.48 per cent year ago.

In absolute-value, the gross NPAs were Rs 39,224.12 crore at March-end 2019, as against Rs 47,468.47 crore a year earlier. Likewise, the net NPAs stood at Rs 22,955.11 crore in the quarter under review, compared to Rs 28,542.40 crore. There was also a reduction in provisioning requirement to the tune of Rs 5,120.85 crore in March quarter FY2019 as against Rs 8,762.57 crore parked aside in the year-ago period.

The overall provisioning and contingencies stood at Rs 5,523.50 crore, less than Rs 9,075.04 crore a year ago. Canara Bank said, as per the RBI directive, it restructured as many as 41,602 MSME account as on March 31, 2019 with amount involving Rs 753.51 crore as a relief to them under Goods and Services Tax (GST).

During the quarter ended March 31, 2019, six fraud accounts were detected, amounting of Rs 704.06 crore, wherein the bank is required to provide Rs 429.87 crore, in addition to the provision of Rs 274.19 crore already provided up to December 2018, it said. “The total amount provided during the quarter is Rs 107.47 crore, representing 25 per cent of the provision to be made. Further, the remaining unamortised provision amount is debited to other reserves, which will be amortised during first three quarters of next financial year,” it added.

During the March quarter, the bank allotted 2 crores equity shares at Rs 186 each under Employee Share Purchase Scheme, the lender said. Provision coverage ratio as on March 31, 2019 stood at 68.13 per cent, as against 58.06 per cent a year ago.

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Canara Bank Q3 profit jumps two fold

Public sector lender Canara Bank Monday reported over twofold jump in net profit at ₹317.52 crore for December quarter 2018 as provisioning for bad loans declined.

The bank had logged a net profit of₹125.75 crore in October-December 2017.

Total income in the reported quarter stood at ₹13,513.35 crore as compared to ₹12,341.09 crore in the year-ago period, the bank said in a regulatory filing.

The bank's asset quality improved a tad with gross non-performing assets (NPAs) falling to 10.25% of gross loans as at December-end 2018 against 10.38% in the year-ago period.

Net NPAs or bad loans too came down to 6.37%  of net advances from 6.78%  by December-end 2017.

In absolute value, gross bad loans of the lender stood at ₹44,621.27 crore as on December 31, 2018 as compared to₹43,111.98 crore a year ago.

Net bad loans were valued at ₹26,591.07 crore as against ₹25,295.26 crore.

Provisions and contingencies during the reported quarter stood at ₹1,977.34 crore as compared to ₹2,673.64 crore in the same period of 2017-18.

The completion of allotment procedure of the said issue and final allotment will be informed to stock exchanges as and when the same is completed, it added.

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Top 10 Banks in India 2018

In India banking sector is one of the most regulated sectors in the economy. When Indian Government allowed private banks to operate in the nation many banks came into existence and gave a tough competition to various nationalized players. Private Banks won over most nationalized banks because of the quality of services they offered to their customers. With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India. So, which banks provide the best services?

Although Indian banking is known as world’s best banking but we can’t point out any single bank which provides best banking among all. Because i don’t think that even a single person is satisfied with service sector industry. Our expectation is too high and always running on increasing trend. Like; all customers are not same, all banks are not same. The behavior of employees perceive in different manner by different people. Because due to competition there is a huge change can feel in working style of PSU & Private sector banks which covers only limited area & they have too many complaints also. So we can’t point out any single name. Nowadays banking industry is totally changed, I m talking about the service quality of PSU banks. Lots of customer centric approach is applied today, now banks are more concerned about the customer retention. So if we go through the customer service delivery system of bank of Baroda it will now at par with the peer banks. Their services is now become centralized, a new retail loan factory concept is introduced by the bank which will help to improve the quality of loan,it also reduces the delivery time and make it more customer friendly.

In Short, Try to obtain the benefits of monopolistic competition between PSUs and private sector banks. It is good for retail customers because they always have choice to shift their banking.

We are going to give rank to the banks as per belove Individual Parameters

• Disclosure about charges and interest rates
• Pro-active communication about new products/services
• Trustworthiness
• Complaint Resolution
• Wide ATM coverage
• Professionalism of the company
• Convenient banking hours
• Well-trained staff
• Courteous and friendly staff
• Faster service at branches
• Knowing the customer and their needs
• Good Internet banking
• Efficient processes
• Effective communication on developments
• Innovative company
• Good phone banking

Here’s the list:

1. HDFC Bank

HDFC was established as Housing Development Finance Corporation in the year 1994.The operations of the bank started in 1995 after it was scheduled as a commercial bank.The bank has served well since then and still continues to bring in more and more costumers with its phenomenal services. Bank’s distribution network was at 4,555 branches and 12,087 ATMs across 2,597 cities / towns. HDFC is the largest bank in India in terms of assets.The total assets of the bank are estimated to be around $66.7 Billion.The Current CEO of the bank is Aditya Puri.

2. State Bank Of India

The largest Indian Bank which has the maximum number of branches in the country as well as abroad.The Bank has many sub-branches as well which serve the maximum number of consumers in India.The Bank was nationalized in the year 1955.The total assets of the bank are much more than any other bank.As of 31 March 2018, SBI has more than 22400 branches,including 52 foreign offices spread across 36 countries and 59541 ATMs. 

3. Bank Of Baroda

Bank of Baroda is one of the largest public sector banks in India. The services of the bank have always been satisfying and par excellence. The bank was set up in 1908 and the current CEO of the bank is Mr. P. S. Jayakumar. The total assets of the bank are somewhat closer to $70 Billion. The bank has 5498 branches including  107 overseas branch and over 10441 ATMs including the ones outside India.

4. Axis Bank

The Bank was founded in 1993 and the headquarters resides in Mumbai, Maharashtra. It has more than 3700 branches in India.The bank was an investment of some prominent international companies.The total worth of the bank is $96 Billion.The bank is known for its hassle free services throughout the country. Bank has 3710 branches, 13,857 ATMs, and nine international offices.

5. Punjab National Bank

One of the oldest banks in the country, the establishment of the Punjab National Bank goes back to 1894, more than 100 years from now.This is one of the oldest public sector banks in India.The total assets of the bank are more than $101 Billion. Bank has over 6,983 branches and over 9598 ATMs nationwide. The Chief Executive Officer of the bank is Sunil Mehta.

6. ICICI Bank

ICICI stands for Industrial Credit and Investment Corporation of India and it was established in 1994.It is one of the best banks in the country with assets worth more than $160 Billion. Sandeep Bakhshi works as the CEO of the bank.The Bank has been operational in 18 countries as of now.The Bank also acquired Bank of Rajasthan in the year 2010. ICICI has adopted a Go Green initiative in which it has started most of its operations in electronic form.Even the bank statements are sent via e-mails. Bank has a network of 4867 Branches and 14,417 ATM's has a presence in 19 countries including India.

7. Kotak Mahindra Bank 

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business. Kotak Mahindra Bank has a network of 1425 branches across 689 locations and 2,363 ATMs in the country (as of 31 March 2018). In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.

8. Canara Bank

Like other major public sector banks, Canara Bank is also state owned and was set up in the year 1906 by Subba Rao.The headquarters of the Bank reside in Bengaluru, Karnataka. The Bank provides hassle free service to its customers . Bank has revolutionized its services and spreads its hands more to cover more areas.As per the data of 2018, the Bank has 6212 branches and 9395 ATMs across the nation.The total assets of the bank $88 Billion which are set to increase in the coming years.

9. Bank Of India

Bank of India is one of the major public sector banks in India.The bank became government owned after the nationalization of Banks in 1969, though the bank was founded much before that in 1906.CEO of Bank of India is Dinbandhu Mohapatra. The total assets of the bank are around $97 Billion .Bank of India has 5127 branches as on 31 May 2018, including 29 offices outside India and more than 7000 ATMs nationwide.

10. IDBI Bank 

IDBI stands for Industrial Development Bank Of India and was established in the year 1964. It is a Public sector bank. The total assets of the bank reach to about $50 Billion. There are 1916 branches including one overseas branch at Dubai and 3276 ATMs across the country. Investment Banking and Agro-Loan facilities are the USP of the bank. Mr. Maheshkumar K. Jain is the Chief Executive Officer of the Bank.

So, guys this was some very basic information about the Top Banks in the Country. We just hope to satisfy you with whatever we write and you can also help us improve by giving the feedback to our written posts.If you loved our writings, do share it with your friends.

(data as on 31st May,2018)

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Canara Bank Q2 profit rises as asset quality improves

Canara Bank has reported 5 percent increase in its QoQ net profit at Rs 299.5 crore as asset quality improved for the quarter ended September 2018.

The company had posted net profit of Rs 284.1 crore in the quarter ended September 2017.

The company’s gross NPA was down at 10.56 percent against 11.05 percent, while net NPA was down at 6.54 percent versus 6.91 percent.

The net interest income was down 15 percent at Rs 3,281.3 crore, while provisions were up at Rs 2,835.1 crore versus Rs 2582.3 crore.

In the absolute term its gross NPA was up marginally at Rs 45,233.2 crore against Rs 44,659.6 crore, while net NPA was up at Rs 26,777.6 crore versus Rs 26,693.5 crore, QoQ.

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Canara Bank Probationary Officer (PO) Recruitment 2018

Canara Bank has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts: Probationary Officer (PO)

Total No. of Posts: 800

Educational Qualification: A Degree (Graduation) with a minimum of 60% marks (55% for SC/ST/PWBD) or equivalent grade, in any discipline from a University recognised by the Government of India or any equivalent qualification recognized as such by the Central Government.

Age Limit:  (AS ON 01.10.2018): Minimum 20 years – Maximum 30 years i.e. a candidate must have been born not earlier than 02.10.1988 and not later than 01.10.1998 (both days inclusive)

Application Fees:

• SC/ST/PWBD Rs. 118/- [Intimation Charges only includes GST @18%] 
• All Others Rs. 708/- [includes GST @18%]

Details of Institutes & Course Fee: 

• Manipal Global Education Services Pvt. Ltd., Bengaluru campus Course Fee - Rs. 350000.00 + applicable Taxes (presently GST @ 18% : Rs. 63000.00) Total Course Fee: Rs. 413000.00 
• NITTE Education International Pvt. Ltd., Greater Noida campus Course Fee - Rs. 300000.00 + applicable Taxes (presently GST @ 18% : Rs. 54000.00) Total Course Fee: Rs. 354000.00

Payment Terms: 

• Candidate can pay the entire course fee in one lump sum or 
• In 2 instalments (50% of course fee before the commencement of the course and the balance 50% fees after two months but before the end of the third month of commencement of course) 

Salary & Emoluments: Rs. 23700 – 980/7 – 30560 – 1145/2 – 32850 – 1310/7 – 42020

Selection Process: Candidates will be selected based on an interview.

Important Dates:

Starting Date of Online Application: 23-10-2018

Last Date to Apply Online & Editing: 13-11-2018

Last date for printing your application: 28-11-2018

Online Fee Payment: 23-10-2018 to 13-11-2018

How to Apply: Interested Candidates may Apply Online Through official Website.

Apply Online: Click Here

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Canara Bank Securities Ltd Recruitment for Officers Posts 2018

Canara Bank Securities Ltd. has published Advertisement for below mentioned Posts 2018. Other details like age limit, educational qualification, selection process, application fee and how to apply are given below.

Posts:

Research Analyst – Asst. Vice President - 1 Post

Company Secretary –Assistant Manager - 1 Post

Dealer Institutional Desk – Officer on Contract - 2 Posts

System Administrator – Officer on contract – 1 Post

Data Base Administrator – Officer on Contract – 1 Post

Network Administrator – Officer on Contract-1 Post

Dealer Retail Desk – Junior Officer on Contract – 3 Posts

Total No. of Posts: 10

Educational Qualification: 

• Research Analyst – Asst. Vice President
• MBA - Finance from a Recognised Institute or CFA. Candidate should have completed NISM Certification for Research Analyst. 
• Company Secretary – Asst. Manager
• Minimum 50% or equivalent grade in Graduation in any stream from a Recognized University and Qualified Company Secretary (ICSI). Those having LLB or LLM degree will be preferred.
• Dealer Institutional Desk – Officer on Contract
• Degree with a minimum score of 50% (45% for SC/ST/OBC) marks in any discipline from a recognized University or equivalent qualification recognized as such by Central Government. Candidates having a Postgraduate programme in Securities Markets (PGPSM) from NISM, Mumbai, will have a preference. 
• Data Base Administrator Officer on Contract
• Minimum 60% marks or equivalent grade in 4 years BE / B Tech degree in Computer Science / Information Technology / Electronics & Communication Engineering / Instrumentation or MCA And Should possess DB certification like Oracle Certified Associate (OCA) or equivalent.
• Systems Administrator Officer on Contract 
• Minimum 60% marks or equivalent grade in 4 years BE / B Tech degree in Computer Science / Information Technology / Electronics & Communication Engineering / Instrumentation or MCA And Should possess OS Certification like Red Hat Certified Engineer (RHCE) / Microsoft Certified Solutions Associate (MCSA) or equivalent.
• Network Engineer – Officer on Contract
• Minimum 60% marks or equivalent grade in 4 years BE / B Tech degree in Computer Science / Information Technology / Electronics & Communication Engineering / Instrumentation or MCA and should possess CCNA / CCNP certification.
• Dealer Retail Desk – Junior Officer on Contract
• Graduate in any stream from a recognized University having secured minimum 60% marks. Candidates having NISM / NCFM certifications are preferred.

Note : Minimum work experience required for all the posts.

Selection Process: Candidates will be selected based on an interview.

Last Date: 28th September 2018

How to Apply: Eligible candidates may send their application & necessary documents to given address in the advertisement.

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Application Form: 

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PNB and Canara bank were on government's list for next merger, with which bank?

Bank of Baroda’s healthier financials, strong brand, technology and international presence helped the finance ministry settle for it as the anchor for an amalgamation with Dena bank and Vijaya Bank, instead of Canara Bank and Punjab National Bank, among others, which were considered for carrying forward the first consolidation exercise in the public sector space.

PNB was ruled out as its recovery is seen to be a few quarters away after a Rs 14,000-crore fraud, allegedly orchestrated by Nirav Modi and Mehul Choksi, leaving Canara Bank as the other option to anchor the amalgamation. But it was seen to be weak on a few financial parameters. Besides, the new entity would have been focused more on south India.

Financial services secretary Rajiv Kumar said, “We did not want consolidation for the sake of it. The first guiding principle was to create a healthy bank that was large in size. The second principle was to have an entity that had a strong brand, technology and a good reach.”

The merger of the three banks is one of the many ways through which the government is trying to deal with the bank NPA crisis. The merger of three banks clearly unveils a formula -  that the government decided to merge the three banks in accordance with their financial health. Among the three, Bank of Baroda has least NPA problem, followed by Vijaya Bank and Dena Bank. The bank merger formula, thus, will be Very big bank+ better bank+worst bank. 

In Dena bank, Vijaya and BoB, the government found the right fit. “Dena bank has a strong CASA base with a good retail and MSME presence. Vijaya Bank has been sensible in its lending, while BoB offers a good international presence, a strong brand and a good tech platform. It’s a win-win deal for the three banks and will result in a massive cost rationalisation,” the secretary added.

While consolidation has been on the government’s radar, the fraud at PNB pushed back the plan by a few months. But it has been in the making for at least four-five months, with the team at the department of financial services looking at various permutations and combinations. A source said, “It was an in-house exercise. Secrecy had to be maintained at all costs.”

Two sets of probable bank mergers in future. It said that the government is mulling the merger of more banks. However, this year there will not be any further merger as the amalgamation of the first lot of three banks will itself take 3-6 months. 

1. Punjab National Bank, Indian Bank, Indian Overseas Bank

The current business of PNB, Indian Bank and Indian Overseas Bank range in Rs 10,45,650 crore, Rs 3,74,550 crore and Rs 3,61,928 crore respectively. The deposits in three banks are Rs 630311 crore, Rs 210170 crore, Rs 213168 crore respectively. 

The Net NPA of PNB is 10.58%, Indian Bank 3.80% and Indian Overseas Bank 15.10%. The number of branches of these three banks are 6,993, 2,819 and 3,326 respectively. 

2. Canara Bank, Syndicate Bank and UCO Bank 

The total business of Canara Bank, Syndicate Bank and UCO Bank is Rs 8,63,359 crore, Rs 4,74,976 crore and Rs 2,76,784 crore respectively. Deposits in the three banks are Rs 5,00,866 crore, Rs 4,05,939 crore and Rs 1,78,211 crore.

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