Canara Bank's business grow to Rs 2,61,310 cr

Bangalore, Apr 26 (UNI) Public sector Canara Bank today announced that its total business rose to Rs 2,61,310 crore for the financial year 2007-08, up Rs 11,423 crore when compared to the previous year.

Announcing the audited financial results, Chairman and Managing Director M B N Rao said the bank's conscious decision to shed preferential rate deposits by about 24 per cent had moderating impact on its aggregate deposits, which grew by Rs 11,691 crore to touch Rs 1,54,072 crore.

Canara Bank consciously pruned substantial low-yielding loans during the just ended fiscal and its net advances moved up by Rs 8732 crore to reach Rs 1,07,238 crore, he said.

Mr Rao said the net profit of the bank, after making total provision of Rs 1394 crore, went up to Rs 1565 crore making it the highest ever in the history of Canara bank. The operating profit stood at Rs 2959, he said.

However the net profit for the fourth quarter fell by eight per cent to Rs 464 crore down eight per cent from 505.09 crore during the corresponding period in the previous year. "This is due to higher provision, which has been a conscious decision taken by the bank," The CMD said.

The Bank had targetted to cross the Rs 3,00,000 crore mark in the current fiscal, of which global deposits was likely to be at Rs 1,75,000 crore and advances to the tune of Rs 1,25,000 crore.

"The bank will continue to re-balance its assets and liabilities portfolio, with an effort to augment profits and profitability. We are no more obsessed in being the number one bank in the country any more. More than chasing the top line, we want Canara Bank to be the best financial supermarket in India," Mr Rao said.

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