Daijiworld Media Network - Bangalore (SP)
Bangalore, Apr 30: Canara Bank registered year-to-year increase of 32.4% in the net profit over the previous fiscal, by increasing its performance to Rs 2,072 crore from the earlier Rs 1,565 crore. Total turnover of the Bank reached Rs 3.25 lac crore at as March 31 this year.
The financial results of the Bank were presented in a press conference by the chairman and managing director of Canara Bank, A C Mahajan on Wednesday April 29.
The deposits saw an increase of 21.3% to Rs 1, 86,893 crore while the advances went up by 29% to Rs 1, 38,219 crore. The operating profit of the Bank too went up from Rs 2,959 crore to Rs 3,964 crore, Mahajan explained. The Board of Directors of the bank has declared a dividend of 80% in view of the impressive performance of the bank, taking the book value of its shares from Rs 202.33 to Rs 244.87.
Mahajan also said that the subsidiaries of the Bank, Canara Robeco Asset Management Company and Canara HSBC Oriental Bank of Commerce Life Insurance Company, which are in the first year of their operations and also all the overseas branches of the Bank have registered profits in spite of the global downturn. The Bank has set for itself a target of four lac crore rupees turnover for the year ending March 31, 2010, he added.
Executive directors of the Bank H S Upendra Kamat and K L Jagadish Pai were present at the press conference.