Financial Daily from THE HINDU group of publications
Tuesday, May 13, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 13, 2003 |
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Corporate Results
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Public Sector Banks Money & Banking - Public Sector Banks Canara Bank net rises to Rs 1,019 cr Our Bureau
Mr R.V. Shastri, Chairman and Managing Director of Canara Bank, along with officials, addressing presspersons in Bangalore on Monday.
BANGALORE, May 12 CANARA Bank has reported a net profit of Rs 1,019 crore for 2002-03, up 37.52 per cent from Rs 741 crore a year ago. The bank's board has proposed 35 per cent dividend for the year. Total business (deposits and advances) touched Rs 1,12,567 crore, up 15.88 per cent from Rs 97,157 crore a year ago. The bank made a provision of Rs 978 crore last fiscal, which included Rs 476 crore write-offs against bad loans. Total income was Rs 8,169.85 crore that included Rs 6,658 crore as interest income. Treasury operations contributed Rs 674 crore towards the bank's net profit. Total deposits of the bank grew by 12.6 per cent to Rs 72,095 crore in 2002-03 from Rs 64,030 crore a year ago. The bank reported a total advance of Rs 40,472 crore, up 22.17 per cent from Rs 33,127 crore a year ago. Out of the incremental Rs 7,345 crore of advances, retail lending accounted for close to 32 per cent of incremental credit expansion. The bank's outstanding advances to retail segment at Rs 5,685 crore was 14 per cent of its net credit. Outstanding housing finance aggregated to Rs 1,586 crore that vaulted 108 per cent in 2002-03 from Rs 761 crore a year ago. Cost of deposits declined to 6.32 per cent from 7.16 per cent. Net non-performing assets stood at Rs 1,454 crore, which was 3.59 per cent as on end-March. During the last fiscal, the bank recovered Rs 563 crore in cash from bad loan accounts against Rs 455 crore a year ago. The capital adequacy ratio was 12.5 per cent, up from 11.88 per cent a year ago. Canara Bank also provided 1.25 per cent or Rs 299 crore under Investment Fluctuation Reserves (IFR) in addition to one per cent or Rs 164 crore provided in the previous year. During January-March quarter, the bank reported a net profit of Rs 307.84 crore over a total income of Rs 2,133.31 crore. The operating profit dipped to Rs 521 crore from Rs 691 crore as treasury operations contributions slowed. The bank added 15 new branches last fiscal taking its branch network to 2,424 as on March-end. It expects to report a total business of Rs 1,31,000 crore by March 2004 that is expected to be driven by Rs 82,000-crore of deposits and Rs 49,000-crore of advances. The bank expects to sustain the momentum of 20 per cent operational profit growth in the current fiscal and sees sustained treasury operations, credit portfolio and further marginal reduction in cost of deposits to drive the profit growth. It has tied up with Visa to launch debit card in the near term and plans to swell its credit card base in the current year.
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