Canara Bank's CEO highlights strong growth in gold loan segment, stresses on lender's swift customer service

"This uptick in walk-ins is attributed to the bank's efforts to streamline loan application processing, creating a faster and more convenient experience for customers. This boost in customer confidence is not limited to a specific region but is witnessed across the country," he said.

On Canara Bank's business growth outlook, the CEO said that the bank aims to achieve a total business growth of 10%, with deposit growth targeted at 8% and loan growth at 10.5%. Satyanarayana Raju also expressed the bank's intention to activate 9,700 additional outlets for business.

"The bank has already surpassed its deposit growth goal, achieving a YoY deposit growth rate of 8.66%. As for advances growth, the bank initially aimed for 10.5%, but the first six months of the financial year indicate a promising growth rate of 12.11%," he said.

On Thursday, Canara Bank reported a 42.8% increase in its net profit for Q2 FY23-24, reaching ₹3,606 crore, compared to ₹2,525.5 crore during the same period in the previous year.

Canara Bank's retail lending portfolio increased to ₹1,48,209 crore, registering a growth of 10.56% year-on-year. The housing loan portfolio also recorded robust growth at 12.32%. The bank extended its support to the agriculture sector, with advances to agriculture growing by 20.54% year-on-year to ₹2,36,953 crore as of September 2023.