Financial Daily from THE HINDU group of publications
Thursday, May 13, 2004
Financial Daily from THE HINDU group of publications Thursday, May 13, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Canara Bank net up 31 pc; to pay 50 pc Our Bureau
Mr R.V. Shastri, Chairman and Managing Director, Canara Bank, at a press conference in Bangalore on Wednesday. - G.R.N. Somashekar
Bangalore , May 12 CANARA Bank has reported a 31.31 per cent rise in net profit for the financial year 2003-04 at Rs 1,338.01 crore, from Rs 1,018.89 crore last year. Total business (deposits and advances) as on March-end grew 19.03 per cent to Rs 1,33,984 crore from Rs 1,12,567 crore a year ago. The bank has announced 50 per cent dividend for the last fiscal. "The results are better than what we expected," the Chairman and Managing Director, Mr R.V. Shastri, said. The bank, which made a total provision of Rs 1,521 crore, managed to shrink its net non-performing asset ratio to 2.89 per cent and was able to recover Rs 606 crore in cash from bad accounts. The bank has also made a floating provision of Rs 800 crore for bad debts over and above the prudential provision needs. Interest income for last fiscal was at Rs 7,006.92 crore and interest income from advances was Rs 3,817.72 crore. Other income shot up to Rs 2,072.91 crore from Rs 1,478 crore a year ago, buoyed by Rs 389 crore received under government buyback of illiquid securities. Trading profit from treasury operations jumped to Rs 818 crore (Rs 640 crore). The bank's outstanding advances to retail segment were Rs 8,041 crore, which accounted for 16.46 per cent of its net credit and growing by 44.47 per cent year-on-year. Retail disbursals amounted to Rs 4,438 crore. Priority sector advances moved up 34 per cent to Rs 19,580 crore and outstanding agriculture advances stood at Rs 6,545 crore as on March-end, up 21 per cent.
The bank, which plans to install a core banking solution to span 1,000 branches over two years, will soon float a request for proposal from software vendors. For the fourth quarter, the net profit was at Rs 384 crore (Rs 308 crore).
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