Canara Bank in South Africa

Canara Bank’s Strategic Moves and Financial Performance in 2024

Bengaluru, India – In 2024, Canara Bank, one of India’s leading public sector banks, has undertaken significant strategic initiatives and reported robust financial performance.

Financial Performance

In the first quarter of 2025, Canara Bank reported its highest quarterly net profit to date, marking a 9.78% year-on-year increase in total income, reaching ₹37,353 crore. (deccanherald.com)

Strategic Initiatives

Partnership with Vakrangee: In December 2024, Canara Bank entered into a strategic partnership with Vakrangee, aiming to expand banking services to underserved and unbanked communities in India’s East Zone. Vakrangee will act as a Corporate Business Correspondent, offering a range of banking services through its extensive network of Kendras. (business-standard.com)

Divestment Plans: The Reserve Bank of India approved Canara Bank’s proposal to divest its stake in Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company through Initial Public Offerings (IPOs). The bank plans to reduce its holdings by 13% and 14.5%, respectively, as part of its strategic disinvestment plan. (outlookbusiness.com)

Credit Card Business Restructuring: Following the Reserve Bank of India’s rejection of its proposal to establish a separate credit card subsidiary, Canara Bank has operationalized a dedicated wing within the bank to manage its credit card functions, effective from October 1, 2024. (moneycontrol.com)

Regulatory Developments

In May 2025, the Competition Commission of India dismissed a complaint against Canara Bank alleging abuse of dominance and anti-competitive conduct. The Commission found no prima facie case of contravention of the Competition Act in the matter. (legal.economictimes.indiatimes.com)

International Operations

Canara Bank’s international presence includes branches in London, Hong Kong, Shanghai, and Dubai. In 2015, it established a subsidiary in Tanzania, which ceased operations in December 2024 following the transfer of its assets and liabilities to Exim Bank Tanzania Limited. (tanzaniainvest.com)

These developments underscore Canara Bank’s commitment to strategic growth, financial stability, and regulatory compliance in a dynamic banking environment.