Canara Bank net profit spurts by 37.52% to Rs 1,019 crore

By Bangalore: | 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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