Canara Bank Q1 net up 82 per cent | business | Hindustan Times
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Canara Bank Q1 net up 82 per cent

business Updated: Jul 17, 2010 21:48 IST

State-owned Canara Bank on Saturday reported a 82.5 per cent jump in its net profit to Rs 1,013 crore for the first quarter ended June 30, 2010, on the back of cost cuts and increase in net interest income.

The bank posted a net profit of Rs 555 crore in the corresponding quarter last fiscal, the bank's Chairman and Managing Director A C Mahajan told reporters in Bangalore.

It also reported 17.2 per cent rise in the total Q1 income at Rs 5,895 crore, against Rs 5,032 crore in the year-ago period.

The total expenses of the bank saw a marginal growth of 7.3 per cent from Rs 4,111 crore in June 2009.

"Riding on a high growth trajectory, the bank saw consistent growth in business and profit. Our very good treasury gains to the tune of Rs 200 crore this quarter,strong pricing and curtailed expenses were mainly responsible for the rise in net profit," Mahajan said.

Operating profit rose by 61 per cent to Rs 1,483 crore as on June compared to Rs 921 crore a year ago.

Net Interest Income rose to Rs 1,728 crore, recording a robust 33.8 per cent growth from Rs 1,291 crore a year ago. As a result the bank's net interest margin (NIM) significantly jumped to 3.01 per cent from 2.70 per cent in the previous year, an increase of 31 bps.