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Canara Bank profit up

BANGALORE: Canara Bank has reported an increase in total income for the quarter ended December 31, 2007, at Rs. 4,096.60 crore, a 26 per cent jump from Rs. 3,245.39 crore in the corresponding quarter in 2006-07.

The net profit improved by 26.4 per cent to Rs. 459 crore while the operating profit by 10.5 per cent to Rs. 758 crore. Net interest income came down by almost 10 per cent to Rs. 935 crore.

M. B. N. Rao, Chairman and Managing Director, told reporters here that interest income could improve in the fourth quarter with the bank shedding ‘high cost deposits’ worth Rs. 10,000 crore during the second and third quarter this fiscal along with some ‘low yielding corporate loans’. “We have maintained a return-on-assets ratio of 1.08 per cent (0.95 per cent) and improved the CAR to 13.66 per cent from 12.69 per cent.

Our interest income from the core sector lending has shown a healthy growth and this should help overall business and profit margins for the whole year,” Mr. Rao said.

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