Canara
Bank net profit spurts by 37.52% to Rs 1,019 crore
Our Banking
Bureau
13 May 2003
 Bangalore:
Canara Bank has posted a net profit of Rs 1,019 crore
for the fiscal ended 2002-03, registering a growth of
37.52 per cent compared to Rs 741 crore in the previous
financial year. The bank has also announced a maiden dividend
of 35 per cent after the bank got listed its initial public
offering.
 It has
registered an operating profit of 20.6 per cent growth
to reach Rs 1,997 crore (Rs 1,665 crore). The total business
of the bank stood at Rs 1,12,567 crore (Rs 97,157 crore),
registering a year-on-year growth of 15.86 per cent.
Canara
Bank chairman RV Shastri says in the current fiscal the
bank's growth will be driven by core banking activities
and fee-based projects such as insurance, credit cards
and forex business. The bank is targeting a total business
of Rs 1,31,000 crore, comprising Rs 82,000 crore and Rs
49,000 crore advances, representing a 15-per cent growth.
An
achievement of the bank's performance in the last fiscal
was that the growth came from core banking activities
as compared to the treasury operations, Shastri says.
The bank's cost of deposits declined to 6.32 per cent
from 7.16 per cent during the year while  interest
expenses on deposits came down to Rs 4,225 crore from
Rs 4,350 crore, registering a decline of 2.8 per cent
despite a 12.6-per cent growth under deposits.
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