Mumbai: Public sector Canara bank has decided not to go for initial public offer (IPO) of its equity shares in the current financial year. According to bank officials, the postponement of the IPO after March next year was taken in light of the sluggish conditions in the capital market and it would provide time for the bank to improve its balance sheet.The bank which had the net non-performing assets (NPAs) at 7.09 per cent in 1998-99, has fixed a target of 4 per cent NPAs by the end of March 2001. In 1999-2000, the NPA was 5.28 per cent.
The bank also fixed its net profit at Rs 500 crore for the current financial year as against the profit of Rs 236 crore recorded as on March 30, 2000.
Officials said that the performance in the first half of the current year was in line with the projected figures and the deposits and advances of the bank are likely to grow by 17 to 20 per cent during the year. The bank is currently engaged in upgrading the existing hardware and software systems along with expansion of branch network in order to improve the level of customer service.
UNI
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