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.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
