Canara Bank's Q4 net surges 54 per cent to Rs719 crore
29 Apr 2009
State-owned Canara Bank has seen a 54 per cent surge in fourth quarter 2008-09 (January-March) net profit at Rs718.81 crore, as compared with Rs464.06 crore during the same quarter of 2007-08. Total income for the quarter rose 22 per cent to Rs5,500.35 crore as against Rs4,502.27 crore in the same quarter last year.
For the 2008-09 financial year (ended 31 March), Canara Bank posted a net profit of Rs2,072.42 crore, up 32,4 per cent from Rs1,565.01 crore during the previous year. Total income for the year increased to Rs19,430.27 crore, up 18.37 per cent from Rs16,413.60 crore the previous year.
Operating profit jumped 35.5 per cent to Rs1,272.59 crore, mainly on account of a huge rise of 41.05 per cent in its net interest income at Rs1,305.33 crore, compared to the same quarter last year. Other incomes rose 18.5 per cent to Rs864.47 crore.
Canara Bank said its capital adequacy ratio stood at 14.10 per cent during the fourth quarter as against 13.25 per cent in the year-ago period.
Net non-performing assets of the bank, however, stood higher at 1.09 per cent as compared to 0.84 per cent in the year ago period.
Return on assets (annualised) for the fourth quarter rose from 1.09 per cent in March 2008 to 1.47 per cent in March 2009. Earnings per share (not annualised) during the quarter ended March 2009 stood at Rs17.53 compared to Rs11.32 in the same period last year.
The board of directors of Canara Bank has recommend payment of dividend at 80 per cent (Rs8 per share of Rs10 face value) for 2008-09.