Page 5 - Banking Finance June 2023

BANK UPDATE

Banking

Canara Bank Q4 profit March 2023 from 2.65% as of March because of high provisions for bad loans
2022. they were trying to recover through
rises 91% to Rs.3175 crore charges.
The global business increased by 12 per
Canara Bank reported 90.63 per cent
cent to Rs. 20.41 lakh crore in March
rise in standalone net profit to Rs.
2023 with global deposits at Rs. 11.79 IndusInd Bank to apply for
3175 crore for the quarter ended
lakh crore.
March 2023. This is against a net insurance licence
profit of Rs. 1,666.22 crore in the cor- Domestic deposits grew by 6 per cent IndusInd Bank is set to approach the
on a yearly basis to Rs. 10.94 lakh crore
responding quarter last fiscal. IRDAI to seek licence to operate in the
at the end of the quarter. While the
The net interest income (NII), the dif- insurance industry.
retail lending portfolio increased by 11
ference between interest earned and Sumant Kathpalia, MD & CEO,
per cent to Rs. 1.4 lakh crore, housing
interest expended, grew by 23.01 per IndusInd Bank, said the bank will ap-
loans jumped 14 per cent to Rs. 84,364
cent to Rs. 8,616 crore for the quar- ply for the licence. "I think it's a pro-
crore on a year-on-year basis.
ter under review. It was Rs. 7,006 cess which may take one-two years,"
crore in the year ago period.
'Bank clinics' for customer he said. When asked what sort of syn-
Canara Bank's board has recom- ergies he envisages with insurance
plaints
mended a dividend of Rs. 12 per eq- operation, Kathpalia sounded optimis-
All India Bank Employees Association
uity share (120%) of face value of Rs. tic about the non-life business.
will set up 'bank clinics' that will enable
10 each for the year ended on
customers to get their grievances with "We have CV business where we are
31.03.2023 subject to requisite approv-
their lenders redressed. "We want to among the top three players in any
als.
understand the grievances of the cus- category which you talk. (So) it makes
The lender's operating profit stood at immense sense for us to get into non-
tomers. There have been instances
Rs. 7,252 crore during the March life business. We love these businesses
when we found out that there are only
quarter, registering a growth of 17% because they complement our core
two staff members to attend to 40-50
YoY.
customers. We can escalate the prob- businesses in the banking sector," he
Canara Bank improved its asset qual- lems or counsel staff if they have the explained.
ity over a year ago period as gross non- wrong attitude," AIBEA general secre- With some of the bank's peers holding
performing assets (GNPA) ratio reduced tary C H Venkatachalam said.
stake in insurance companies,
to 5.35% in the March quarter, down
Venkatachalam said that the other Kathpalia dismissed the proposition of
from 5.89% at the end of March 2022.
grievances were that of high charges being an investor. "I don't want to be
Net non-performing assets (NNPA) ra- being imposed by banks. He said that an investor in a company, I want to be
tio has also declined to 1.73% as of banks had high operating profits but the manufacturer," he asserted.
BANKING FINANCE | JUNE | 2023 | 5