Canara Bank profit reduces in Q1

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Bangalore, Jul 21 (UNI) The net profit of the Public Sector Canara Bank had shown a dip during the first quarter of the current fiscal and stood at Rs 122.68 crore as against Rs 240.55 crore during the corresponding period last year.

Talking to newspersons here today, Bank Chairman and Managing Director(CMD) A C Mahajan said the bank's income rose to Rs 4099 crore during the first quarter, as against Rs 3760 crore during the same period in the previous year. The bank's core deposits comprising retail and CASA recorded a growth of 20.4 per cent on year-on-year basis.

Mr Mahajan said the bank's global business rose to a level of Rs 2,66,242 crore as on June this year, recording a year-on-year growth of 12 per cent, compared to Rs 2,37,866 crore as on June, last year.

The CMD said the bank's global business was expected to cross Rs three lakh crore after making provision of 25 per cent increase for development in 2009. The bank had also set a target of covering all branches under CBS during 2009, he added.

He said there was no proposal before the bank to raise deposits till September, as the financial position of the bank was sound. The number of branches under Core Banking Solution(CBS) rose to 1028 and about 76 per cent of the bank's business was accounted for by CBS, he added.

He said the bank had also obtained final clearance from the Chinese Banking Authority for converting its representative office at Shanghai into a full-fledged branch and it would be inaugurated soon. Reserve Bank of India had already granted approval to open five branches in Johannesburg, Quatar, Frankfurt, Muscat and Manama, he added.

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