The Hindu : Canara Bank posts impressive growth

Online edition of India's National Newspaper
Tuesday, Jan 21, 2003

Business

Business

Canara Bank posts impressive growth

By Our Special Correspondent

BANGALORE JAN. 20. Canara Bank has registered a 52.6 per cent rise in its net profit at Rs. 711 crores in the nine months ended December 31, 2002 against Rs. 466 crores in the same period last year. The operating profit has gone up to Rs. 1,476 crores from Rs. 965 crores.

Revealing this at a press conference, R. V. Shastri, Chairman and Managing Director, said the key parameters — interest income and treasury income — were the contributory factors for the bank to accomplish its corporate objectives of profitability, efficiency and productivity.

The bank's business stood at Rs. 105,724 crores, comprising Rs. 68,150 crores under deposits and Rs. 37,574 crores under advances. The bank, he said, expected to do better and surpass the Rs. 112,000-crore mark by March 2003.

Deposits grew by 15.1 per cent and advances by 25.12 per cent, productivity of business per employee being Rs. 2.35 crores, up from Rs. 2.15 crores last year. Total income increased to Rs. 6,037 crores from Rs. 5,618 crores while total expenditure was down by 2.01 per cent at Rs. 4,561 crores against Rs. 4,653 crores.

Corporation Bank: 66 pc rise in profit

Corporation Bank has reported a 66 per cent rise in its net profit at Rs. 151.81 crores for the third quarter ended December 31, 2002, against Rs. 91.45 crores in the same period of the previous fiscal.

Total income also increased to Rs. 693.14 crores from Rs. 602.08 crores, the Chairman and Managing Director of the bank, Cherian Varghese, said.

For the nine months ended December 31, 2002, the net profit and total income swelled to Rs. 368.72 crores (Rs. 262.73 crores) and Rs. 1,977.34 crores (Rs. 1,744.18 crores) respectively.

Non-interest income rose to Rs. 405.60 crores from Rs. 285.85 crores. The net aggregate deposits as on December 31, 2002 stood at Rs. 20,458.52 crores (Rs. 17,829.86 crores) and net advances at Rs. 10,209.55 crores (Rs. 9,710.03 crores).

SRF: High turnover

SRF has reported higher turnover and profits in the nine months ended December 31, 2002. Net sales were higher at Rs. 531.80 crores against Rs. 452.45 crores in the same period in 2001-02. Other income amounted to Rs. 5.49 crores (Rs. 1.77 crores).

The gross profit, before depreciation and interest charges has risen to Rs. 117.85 crores from Rs. 102.29 crores. The profit after tax is higher at Rs. 31 crores against Rs. 16.97 crores. The board has decided not to proceed with the buy back of 97 lakh equity shares at Rs. 24 per share.

Shasun Chemicals

Shasun Chemicals and Drugs has achieved a net profit of Rs. 9.44 crores in the nine months ended December 31, 2002 against Rs. 7.31 crores in the same period in the previous year. Net sales were higher at Rs. 178.95 crores against Rs. 161.01 crores. The gross profit, before depreciation and interest charges has increased to Rs. 27.55 crores from Rs. 23.81 crores.

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