Canara Bank aims Rs 6,000 crore recovery in H2 FY25

New Delhi: State-owned Canara Bank aims to recover about Rs 6,000 crore from bad loans during the second half of the current fiscal.

“We are anticipating recovery somewhere about Rs 3,000 crore in the third quarter and a similar amount in the fourth quarter,” Canara Bank managing director and CEO K Satyanarayana Raju said.

The bank has recovered Rs 2,905 crore, including recovery in written-off accounts, in the second quarter. Slippages would be much less than recovery as the bank would be underwriting good loans, Raju said.

Asked about the IPO of Canara Robeco Asset Management Company, he said it may happen in the fourth quarter of this financial year.

The approval from the finance ministry for the IPO of Canara Robeco Asset Management Company (AMC) is expected shortly.

The lender holds a 51 per cent stake in the mutual fund. It plans to offload a 13 per cent stake through IPO.

Last December, Canara Bank gave an in-principle approval to start the process of listing its mutual fund subsidiary by an initial

share sale.