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Canara Bank FY10-11 net up 33.2% at Rs4,026 crore

Total business of the Bangalore-headquartered bank rose to a level of Rs5,06,440 crore as at March 2011, a 25.4% growth, with total deposits growing 25.3% to Rs2,93,973 crore and advances by 25.5% to Rs2,12,467 crore

Bangalore: Canara Bank today reported a 33.2% jump in net profit for 2010-11 at Rs 4,026 crore, up from Rs 3,021 crore in the previous fiscal, as it clocked a business of above Rs5 lakh crore, reports PTI.

Total income for 2010-11 increased to Rs25,767 crore, a 19.2% year-on-year growth, while net interest income grew 37.7% to Rs7,823 crore from Rs5,681 crore in the year-ago period.

Total business of the Bangalore-headquartered bank rose to a level of Rs5,06,440 crore as at March 2011, a 25.4% growth, with total deposits growing 25.3% to Rs2,93,973 crore and advances by 25.5% to Rs 2,12,467 crore.

"Net interest margin for year was 3.12% compared to 2.80% last year. Gross NPA came down to 1.45% from 1.52%. "We made a cash recovery of more than Rs2,000 crore in the fourth quarter," Canara Bank chairman and managing director S Raman told a press conference here.

For the quarter ending 31 March 2011, the bank reported that its net profit zoomed 78.7% to Rs899 crore.

For the year 2011-12, the bank aims to have an aggregate business of Rs6.25 lakh crore, comprising total deposits of Rs3.55 lakh crore and advances of Rs2.70 lakh crore. Added thrust would be on retail business, especially retail deposits and retail advances.

In the current fiscal, the bank plans to open 250 branches and to take ATM strength from 2216 to 4000 by March next year.

It also plans to open branches in Manama, QFC-Qatar, South Africa, Germany, the USA, Brazil, Tanzania and Representative office in Tokyo.

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Growth could be 8% during FY11-12: FM

"If oil prices continue to rise, it would be difficult to achieve higher gross domestic product (GDP). GDP may come down to 8% from (the projected) 9%," finance minister Pranab Mukherjee told reporters on the sidelines of the ADB annual meeting in Hanoi

Hanoi: Finance minister Pranab Mukherjee today projected India's economic growth at 8% for the current fiscal, lower than the budgetary estimate of 9%, due to measures taken to rein in high inflation, reports PTI.

"If oil prices continue to rise, it would be difficult to achieve higher gross domestic product (GDP). GDP may come down to 8% from (the projected) 9%," Mr Mukherjee told reporters on the sidelines of the ADB annual meeting here.

The government's (India) primary concern now is to manage inflation while sustaining high growth rate. Hardening of global commodity prices, particularly oil prices has accelerated inflation, he said adding "our projection is 7.5%-8% inflation during the year."

Earlier this week, the Reserve Bank of India (RBI) too had lowered economic growth projection to 8% due to measures taken to tackle high inflation especially food prices.

India's economy is estimated to have clocked 8.6% growth in 2010-11.

Mr Mukherjee said Inflation, particularly the increase in food prices, is a major concern for India as well as other developing countries. "We are trying to reduce it through supply and demand side management.

"On supply side we are trying to remove bottlenecks and on demand side the RBI has adjusted interest rates to mop up excess liquidity in a manner so that it may not affect the economic activity," he said.

With adequate buffer stock and hopefully a good monsoon, "We are looking at easing of the price situation in India," he said.

Overall inflation was 8.98% in March and has been above the 8% mark since January 2010.

Asked whether the government is planning to increase diesel prices in the near future, Mr Mukherjee said "We will announce it as and when the decision is taken."

In its annual monetary policy, the RBI had advocated hike in prices of petroleum products.

The government has not allowed state oil firms to revise diesel prices since June last year when crude oil was ruling at $72-$73 per barrel. Crude oil is today trading at around $110 a barrel in international markets.

Referring to speculations in global commodity market, Mr Mukherjee said increase in prices is not merely a function of demand and supply, but also driven by huge financial flows into commodity market in search of higher return.

Mr Mukherjee said managing capital flows so as to dampen potential threats to macro economic and financial stability remains a continuous challenge.

"Not withstanding these risks, the Indian economy is poised to sustain the growth momentum," he said.

On volatility in capital flows, he said "The International Monetary Fund (IMF) is working out a framework to deal with excess capital flow."

Excess liquidity is having a spillover effect and collective action is needed to deal with it, he said.

On possibility of an alternative to US dollar as a global currency, he said, "We have to adopt a calibrated approach."

He said all the alternative currencies must have adequate liquidity, should inspire confidence and be fully convertible on current and capital account.

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