Canara Bank Q4 net profit down 12% at Rs 725 crore
Bangalore: Canara Bank Thursday reported nearly 13 percent decline in net profit to Rs 725 crore for the last quarter of 2012-13 fiscal due to higher provisioning.
Its net profit over the same period in the previous fiscal was at Rs 829.09 crore.
The total income of the Bengaluru based bank increased by a marginal 4.8 percent to Rs 9,471.57 crore in the fourth quarter of 2012-13, the bank said in a filing to the BSE.
Total provision made for the quarter ended March 31, 2013, was at Rs 972 crore compared to Rs 662 crore in the year-ago period, its Chairman and Managing Director R K Dubey told reporters here.
But operating profit at Rs 1,698 crore was higher by 13.9 percent over the corresponding period of last year (Rs 1,491 crore).
The bank’s total income reached Rs 9,472 crore, a 4.8 percent growth (Rs 9,037 crore). Net interest income improved by 2.5 percent from Rs 2,040 crore to Rs 2,091 crore.
The bank’s gross NPA ratio has come down to 2.57 percent compared to December 2012 position of 2.77 percent, and net NPA ratio to 2.18 percent from 2.35 percent, Dubey said.
Global deposits of the bank stood at Rs 3,55,856 crore compared to Rs 3,23,963 crore as on December 2012, a growth of 9.8 percent. Global advances (net) reached a level of Rs 2,42,177 crore compared to Rs 2,18,242 crore, up 11 percent.
The bank aims to reach an aggregate business figure of more than Rs seven lakh crore, with approximate deposit growth of 15 percent and advances growth of 24 percent.
"We plan to take the number of branches from 3,728 to 5,000 and number of ATMs from 3,526 to 10,000 by March 2015", Dubey said.
The bank also has plans to open branches at nine overseas centres - Johannesburg (South Africa), where it has already got the license, Sao Paulo (Brazil), Dar-es-Salaam (Tanzania), Tokyo (Japan), Abuja (Nigeria), Jeddah (Saudi Arabia), Qatar Financial Centre (Qatar), Frankfurt (Germany) and New York (the USA) by March next year.