Canara Bank Share Price: Public sector Canara Bank has set a target of recovering about Rs 6,000 crore of 'bad loans' in the second half of the current financial year. Canara Bank MD and CEO K Satyanarayana Raju said, "We expect to recover about Rs 3,000 crore in the third quarter and the same amount in the fourth quarter." The bank has recovered Rs 2,905 crore in the second quarter, which also includes recovery from written-off accounts. If the bad loans are recovered by the bank as per the target, then the stock may rise in the coming time.

Hope to meet the Finance Ministry soon

When asked about the Initial Price Offering (IPO) of Canara Robeco Asset Management Company, he said that it could come in the fourth quarter of this financial year. The Finance Ministry is expected to approve the IPO of Canara Robeco Asset Management Company (AMC) soon. The bank has a 51 percent stake in this mutual fund company. It plans to sell a 13 percent stake through IPO.

If listed, it will be the fifth mutual fund company.
In December last year, Canara Bank was approved to start the process of listing its mutual fund subsidiary company through an initial share sale. If listed, it will become the fifth mutual fund company to join the stock market. Earlier, HDFC AMC, Nippon Life India AMC, UTI Asset Management Company, and Aditya Birla Sun Life AMC are listed in the stock market.

The bank has already raised Rs 10,000 crore in July.
Regarding basic infra bonds, Raju said that the bank has already raised Rs 10,000 crore in July and is in the process of deploying it. The bank is unlikely to raise more money through long-term infra bonds during the current financial year. In the second quarter of the current financial year, Canara Bank's net profit increased by 11 percent to Rs 4,015 crore. It was Rs 3,606 crore in the same quarter a year ago. During the quarter, the total income of the Bangalore headquartered bank has increased from Rs 31,472 crore to Rs 34,721 crore.