Canara Bank records all time high net profit

Bangalore, Apr 24 (UNI) Public Sector Canara Bank has posted an all time high net profit of Rs 1343.42 crore for 2005-06, signifying a 21.06 per cent growth over the corresponding period the previous year, Bank Chairman and Managing Director M B N Rao said today.

Releasing the bank's centenary balance sheet to newspersons here, he said the bank's topline as well as bottomline scaled a new growth trajectory during the year, reflecting a robust business growth and significant gains in profit and profitability.

He said the bank would raise over Rs 3,000 crore to Rs 4,000 crore through tier one and tier two issues during the year.

Denying that the bank was eyeing a particular bank for acquisition, Mr Rao said his bank was open for such consolidation process. However, without naming any bank, he said in due course things might change.

He said the bank clocked a significant 382.42 per cent jump in its fourth quarter net profit to touch Rs 493.52 crore as against Rs 102.30 crore posted during the corresponding period the previous year.

The operaring profit for the fourth quarter stood at Rs 771.29 crore, he said, adding that the Board of Directors had declared a dividend of 66 per cent for the year.

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