Canara Bank raises Rs 1,635 cr through AT-1 bonds

Canara Bank | The stock has fallen-43 percent in 2020 to Rs 126.35 as of December 29, 2020 from 221.35 on December 31, 2019.

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State-owned Canara Bank on Thursday said it has raised Rs 1,635 crore through issuance of additional tier-I bonds.     “Canara Bank has raised capital by issuing additional tier-1 (AT-1)bonds to the tune of Rs 1,635 crore at 8.50 per cent coupon on December 31, 2020,” a release said.

This will help the lender increase its capital adequacy ratio.

As at September-end 2020, the bank's capital to risk-weighted assets ratio (CRAR) stood at 12.77 per cent. Out of this, tier-I was 9.54 per cent and tier-II was 3.23 per cent.

In the second quarter ended September 2020, the bank reported 28 per cent dip in profit after tax at Rs 444 crore compared to Rs 616 crore in the same quarter of the previous fiscal.