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Going forward gross NPA will be less than 9% and net NPA will be less than 4%, says Canara Bank

Updated : January 28, 2021 12:13 PM IST

Canara Bank's restructuring levels were high in the third quarter while profit after tax was aided by strong other income for the second consecutive quarter. LV Prabhakar, MD and CEO, Canara Bank discusses third-quarter results and outlook with CNBC-TV18.

The asset quality of the bank is stable, he said, “Net non-performing assets (NPA) is only 2.64 percent and gross we are at 7.46 percent. We have factored in the restructured portfolio and also the probable slippages and our guidance for the next quarter will be – gross NPA will be somewhere less than 9 percent and net NPA will be less than 4 percent. The provision coverage ratio as on date is 84.89 percent, going forward at the most it may come down to 82-81 percent.”

“From the restructured book, about Rs 10,000 crore we have factored in this quarter,” he said.

The bank has raised Rs 2,000 crore via qualified institutional placement (QIP) and Rs 2,814 crore of additional tier-1 (AT-1) bonds, he said.

In terms of selling its subsidiaries, he said, “As of now Canara Bank has sufficient capital for regulatory propose as well as for growth purpose. Going forward I can raise capital from the market instead of selling my stake in subsidiaries.”

Watch the video for more

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