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| CanBank's infra lending up 91% |
| BS Reporter / Chennai/ Bangalore Jul 19, 2010, 00:33 IST |
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 Bangalore-based public sector lender Canara Bank has advanced Rs 40,173 crore to infrastructure sector, showing a growth of a whopping 91.1 per cent for the first quarter-ended June 30, 2010, compared to the corresponding period of previous year. Its lending to the sector as on June 30, 2009, were Rs 21,027 crore.
“Infrastructure lending has always been a strength of the bank. We have also shown a growth of 26.7 per cent growth in the housing sector to Rs 10,101 crore during the quarter compared to the same quarter last year,” A C Mahajan, chairman and managing director, Canara Bank, said.
Giving the break-up of infrastructure lending, he said power sector accounts for over half of the total portfolio at Rs 21,000 crore, a growth of 20 per cent year-on-year. The bank has also recorded a growth of 71.4 per cent in its lending to the road sector, at Rs 6,500 crore, over the June quarter last fiscal. Its exposure to telecom sector stood at Rs 3,000 crore, which came from lending to telecom operators towards meeting their 3G licence fees. Its exposure to ports sector was Rs 1,466 crore, up 46.6 per cent over the corresponding quarter, he said.
Mahajan said lending to other infrastructure projects was Rs 3,200 crore, a growth of 46 per cent over the first quarter last fiscal. A lot of loans sanctioned in the last six months have been disbursed during the first quarter. The bank expects to grow its credit by 20 per cent during the present financial year, he said.
During the first quarter, the bank showed a growth of 14.7 per cent in its priority sector lending to Rs 57,621 crore and 19.6 per cent growth in retail lending to Rs 23,703 crore, he said.
In the priority sector, agriculture advances were Rs 23,128 crore, showing a growth of 11.9 per cent and MSME advances rose 33.5 per cent to Rs 31,597 crore during the June quarter compared to the same period last year. Education loans were up 24.7 per cent year-on-year to Rs 2,976 crore. “We are the number one bank amongst nationalised banks in outstanding education loans. The portfolio covers over 171,000 students,” Mahajan said.
The bank has mobilised over 75,000 no-frills accounts during the first quarter to take the cumulative number of accounts to 2.25 million. It also sanctioned over 200,000 general credit cards since its inception. The bank plans to open over 200 new branches during the present financial year, he added.
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