Bangalore: Canara Bank's net profit for the
second quarter of the fiscal zoomed 72 percent to Rs 911
crore on the back of treasury and forex profits.
"The robust growth was mainly due to treasury and forex
profits," Canara Bank Chairman and Managing Director A C
Mahajan told reporters here.
The bank's total income during the quarter, Mahajan said,
grew by 26 percent to reach Rs 5602 crore, with Rs 3505 crore
contributed by interest loans/advances.
Net interest income for during the quarter increased to
Rs 1,314 crore, registering a growth of 14.3 percent compared
to Rs 1,149 crore an year ago.
While, operating profit of the bank saw a growth of 84
per cent at Rs 1,419 crore. With a provision of Rs 243 crore
towards NPA, the bank made a total provision of Rs 509 crore.
At the same time, net NPA for the second quarter rose to
Rs 1,694 crore compared to Rs 1,065 crore during the same
period last year. The bank's domestic business constituted
97.8 percent of the aggregate business.
Outlining the goals for FY10, Mahajan said, the bank
aims to reach an aggregate business of Rs four lakh crore and
will continue to focus on core business, to augment profits
and profitability.
"The bank's is going to open 104 branches on November 19,
and will ramp up the number to 3,000 branches by December
2010", Mahajan said, adding the bank is likely to open a
representative office in Sharjah and its second branch at
Leicester in U K in the next three months.
Bureau Report
First Published: Monday, October 26, 2009, 20:30