Canara Bank Q3 Net 83% Higher At Rs 292 Crore

Bangalore, January 20: | Updated: Jan 21 2003, 05:30am hrs
Canara Bank has posted a net profit of Rs 292 crore for the third quarter ended December 31, 2002, recording a growth of 82.59 per cent compared to Rs 160 crore in the corresponding period of the previous fiscal. Total income of the bank stood at Rs 2,059 crore, a 10.34 per cent increase compared to Rs 1,866 crore in the same period last fiscal.

For the nine-month period ended December 31, 2002, the net profit stood at Rs 711 crore, a 52.62 per cent growth compared to Rs 466 crore in the corresponding period of the previous financial year. The total income of the bank for this period rose by 7.5 per cent to Rs 6,037 crore from Rs 5,618 crore in December 2001. At the same time, total expenditure has gone down by 2.01 per cent to touch Rs 4,561 crore in December 2002 from Rs 4,653 crore in the corresponding period last year.

Addressing the media, Canara bank chairman and managing director RV Shastri said: "The banks performance could be attributed to significant cost reduction, increase in the total income, decline in the total expenditure, growth on interest incomes, non-interest incomes etc."

Interest income of the bank at Rs 2,618 crore in the nine months ended December 2002 recorded a 12.96 per cent growth compared to Rs 2,317 crore in the same period of the previous financial year. Non-interest income went up to Rs 1,096 crore from Rs 900 crore a year ago. Profits from treasury operations were at Rs 540 crore as compared to Rs 386 crore during the same period last year. The banks net NPA ratio had declined from 3.89 per cent as on March 2002 to 3.84 per cent as at September 2002.