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Canbank Factors net up
BANGALORE: Canbank Factors (CFL), a subsidiary of Canara Bank, has reported a net profit of Rs. 11.30 crores for 2003-04, up 30.18 per cent over Rs. 8.68 crores reported during the previous fiscal. It reported a turnover of Rs. 157.90 crores for the last fiscal, up 29.06 per cent over Rs. 122.30 crores in 2003-04, a statement said here. Canbank said the rise in profit was through factoring volume and efficient management in sourcing of funds. The net non-performing assets (NPA) was zero, it said, adding that, CFL provided 100 per cent as prudential measure for NPA accounts. Export factoring has registered an increase in volume at Rs. 14.88 crores against Rs. 9.65 crores, it said.
PTI
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