Canara Bank reports marginal increase in Q3 net profit

Bangalore, Jan 18 (UNI) Reporting an almost flat net profit for the third quarter of the current fiscal at Rs 363 crore (Rs 356.29 crore -2005-06) on a total income of Rs 3,260 crore, Canara Bank today forecast an 18.74 per cent increase in its global business for 2006-07.

Announcing the results here, Bank Chairman and Managing Director M B N Rao, however, said that for the first nine months of the current fiscal, the net profit stood at Rs 916 crore as against Rs 850 crore for the same period of 2005-06. The growth was 22.47 per cent if the amount realised by sale of investment and depreciation was taken into account.

He said the global business for the nine months grew by 27 per cent to reach Rs 2,22,504 crore from Rs 1,75,092 crore last year, with deposits growing by 26 per cent and credit 29 per cent. The net advances stood at Rs 90,723 crore.

Mr Rao said the Board of the Bank had approved a major overseas expansion drive with 21 prominent centres worldwide identified for setting up branches or offices. The Bank would soon move the Government and RBI for permission. It also planned to form joint ventures in bancassurance and mutual fund business during the current fiscal.

In the sphere of financial inclusion, the bank had covered 1.46 million households during the current year. Significantly, it had achieved 100 per cent financial inclusion in Palakkad district of Kerala and was on the verge of repeating it in Davangere district of Karnataka, he said.

UNI