Canara Bank posts an all time high net profit at Rs 1420.81 Cr

Bangalore, May 2 (UNI) Posting an all time high net profit of Rs 1420.81 Crore, leading public sector bank. Canara Bank today announced a total business turnover of Rs 240,887 crore for 2006-07, up by 23 per cent over the previous year's mark of Rs 196,229 crore.

Announcing the results Bank Chairman and Managing Director M B N Rao told newsmen that the Bank was planning a 20 per cent growth for the current fiscal with the global business level crossing Rs 290,000 crore.

The Bank on an acquisition mood is looking for possible Bank in North, West and Eastern region. Mr Rao said with the Base lI norms in place by 2008 and WTO restrictions removed in 2009 opening up the banking business, there was need for big Indian banks to cater to huge requirements within the country. ''Big, Huge and large banks have to be in place by then'' he said while not ruling out the possibility of merger of banks.

For quarter four, the Bank witnessed a 2.3 per cent rise in net profit at Rs 505.09 crore on March 31, 2007, against Rs 493.52 crore over the same period last year.

The financial institution's total income rose by 37.68 per cent from Rs 2786.59 crore to Rs 3836.71 crore for FY Q4 07.

Mr Rao said in FY 2007 while the advances went up by 24 per cent to touch Rs 98,506 cr, the deposits rose by 22 per cent to move upto Rs 142,381 cr.

He said the Bank had been prudent in its retail exposure with the year on year growth in retail lending contained at 20 per cent.

Retail portfolio as a proportion of net credit was also brought down to 17.84 per cent, which was in tune with the policy focus on rebalancing of credit portfolio. The process would continue during current fiscal also, he said adding that the retail credit would be well within 20 per cent. Priority would be given in home loan to existing customers and those seeking home loan of less than Rs 20 lakhs would be encouraged, he added.

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