Deposit growth powers Canara net to Rs 1,008 cr | business | Hindustan Times
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Deposit growth powers Canara net to Rs 1,008 cr

Public sector lender Canara Bank’s net profit grew by 10 per cent to Rs 1,008 crore for the second quarter ended September 2010, riding on the back of high net interest income.

business Updated: Oct 20, 2010 23:38 IST
HT Correspondent

Public sector lender Canara Bank’s net profit grew by 10 per cent to Rs 1,008 crore for the second quarter ended September 2010, riding on the back of high net interest income.

Interest Income for the July-September quarter rose by 52.5 per cent to R2003 crore, compared to Rs 1,314 crore in the same quarter a year ago.

The lender also reported a 8.4 per cent increase in total income for the quarter at Rs 6,077 crore, against Rs 5,602 crore in the year-ago period.

Total business of the bank grew 21 per cent to R4,25,258 crore at the end of September 2010, while total deposits increased 21.5 per cent to Rs 2,49,187 crore. Net advances grew by 20.2 per cent to reach Rs 1,76,071 crore, up from Rs 1,464,56 crore.

The bank plans to open 200 branches during the current fiscal year, with majority of branches slated for opening in the third quarter.