Canara Bank targets up to $2.5 billion via FCNR-B, overseas borrowings

Canara Bank reported a slim 2.2% year-on-year rise in Q1 net profit at Rs 4,856 crore, while net interest income grew 13.4% to Rs 10,215 crore and gross NPA ratio improved sharply to 1.57% from 2.69% a year ago. The bank targets raising up to $2.5 billion via FCNR-B deposits and overseas borrowings, with $750 million already mobilised in FCNR-B and a goal of $1.5 billion by September to reduce around Rs 10,000 crore of bulk deposits. Gross advances grew 18% YoY to Rs 12.93 lakh crore while deposits rose 11.6% to Rs 16.12 lakh crore.