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Canara Bank Q3 net up

By Our Corporate Reporter

CHENNAI, FEB. 7. Canara Bank's net profit for the third quarter ended December 2003 registered a rise of 27.8 per cent to Rs. 372.69 crores from Rs. 291.72 crores in the year-ago period.

The net profit for the nine-month period ended December was up 34.18 per cent to Rs. 954 crores from Rs. 711 crores in the corresponding period. The net profit is after making a total provision of Rs.1,227 crores as against Rs.765 crores for the corresponding period 2002-03. A provision of Rs. 814 crores is made for non-performing assets as against Rs. 330 crores. The bank has made a floating provision of Rs. 550 crores for NPA over and above the minimum prudential provision requirements.

Aggregate business of the bank registered a year-on-year rise of 14 per cent to touch Rs. 1,20,516 crores, comprising Rs. 78,006 crores under deposits and Rs. 42,510 crores under advances. Total income in the nine months ended December stood at Rs. 6,787 crores from Rs. 6,037 crores while total expenditure marginally went up by 0.99 per cent to reach Rs. 4,606 crores from Rs. 4,560 crores.

R. V. Shastri, Chairman and Managing Director has stated that Canara Bank was well poised to even better its performance in 2003-04 as compared to the highs it attained in the preceding financial.

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