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    Expect loan growth of 10-12%, retail growth of 20-22% this year, says Canara Bank

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    Expect loan growth of 10-12%, retail growth of 20-22% this year, says Canara Bank

    State-owned Canara Bank today reported a net loss of Rs 4,859.77 crore for the last quarter of 2017-18 due to increased provisioning for bad loans.
    The bank had clocked a net profit of Rs 214.18 crore in the corresponding January-March quarter of preceding fiscal 2016-17.
    Rakesh Sharma, MD and CEO of the bank said that Rs 8,181 crore of slippages came in from Reserve Bank of India’s instructions.
    “Our efforts are that by September our gross non-performing asset (NPA) should come down around 9.5 percent and net NPA below 5.5 percent,” he added.
    Talking about NCLT, he said 28 cases of National Company Law Tribunal (NCLT) exposures are under resolution process.
    On loan growth front, Sharma said, “our target for overall growth in the current year will be 10-12 percent but retail will grow by 20-25 percent."
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