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Canara Bank net up by 18 percent in Q2

Bangalore, Oct 19 (IANS) Canara Bank, India's leading nationalised bank, Thursday posted a net profit of Rs.3.62 billion ($80 million) for the second quarter of the current fiscal, registering a growth of 18 percent.

Thursday, October 19, 2006 | 8:13:47 PM IST (+05:30 GMT)
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Bangalore, Oct 19 (IANS) Canara Bank, India's leading nationalised bank, Thursday posted a net profit of Rs.3.62 billion ($80 million) for the second quarter of the current fiscal, registering a growth of 18 percent.

'The net profit is after making a total provision of Rs.2.53 billion, including Rs.1.97 billion towards non-performing assets (NPAs). Sequentially too, the net income represented a whopping 89 percent growth over the previous quarter (April-June) of this fiscal,' Canara Bank chairman M.B.N. Rao told reporters here.

'During the quarter, we have drawn a roadmap to sustain the CAR (Capital Adequacy Ratio) above 12 percent as against the nine percent norm of the Reserve Bank of India by taking recourse to subordinated bonds and other debt instruments,' Rao pointed out.

For the entire fiscal 2006-07, the bank has set a target of 18.74 percent in global business to reach Rs.2,330 billion, comprising Rs.1,380 billion in deposits and Rs.950 billion under advances.

'The bank's advances growth will be driven by agriculture, small and medium enterprises, infrastructure, industry and retail segments,' Rao added.

Copyright : Indo-Asian News Service
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