Canara Bank's Q3 net profit up 26 per cent at Rs 459 crores

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Bangalore, Jan 23 (UNI) Public Sector Canara Bank has earned a net profit of Rs 459 crores for the third quarter ended December 2007 compared to Rs 363 crores for the corresponding quarter of last year, recording a year on year growth of 26.4 per cent.

Speaking to newsmen here Bank's Chairman and Managing Director M B N Rao said the net profit recorded a 20 per cent growth for nine months ended December 2007 and reached Rs 1100 crores. The operating profit during the period stood at Rs 2020 crores, he explained.

He said the bank had maintained a sustained healthy growth under interest income from core lending operations with a year-on-year growth of 36 per cent. The bank's total income registered a 33 per cent growth to touch Rs 11911 crores as against Rs 8979 crores for the same period of the previous year.

Replying to queries he said the net Non Performing Asset ratio came down further to 0.89 per cent as against 0.96 per cent at December 2006. The cash recovery during nine months stood at Rs 670 crores, he added.

On Bank's efforts with regard to financial inclusion, he said more than 1639 villages across the country had been covered and these villages had been taken up for second phase of financial inclusion addressing the total financial needs. Kerala was the first state in the country to achieve total financial inclusion during December, he added.

He said with regard to overseas expansion operations, the bank had moved a step closer with permission from the Reserve Bank of India for commissioning of five branches Johannesburg, Frankfurt, Muscat, Manama and Quatar. The representative office at Shanghai would be converted into a full fledged branch soon, he added.


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