Canara Bank Net dips 28%

Canara Bank announced a 28.4% dip in its net profit for the quarter ended June 2011 as its net profit fell from Rs 1,013.3 crore in the quarter ended June 2010 to Rs 725.8 crore in the previous quarter.

Canara Bank announced a 28.4% dip in its net profit for the quarter ended June 2011 as its net profit fell from Rs 1,013.3 crore in the quarter ended June 2010 to Rs 725.8 crore in the previous quarter.

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A rise of 56.9% in its interest expenditure at Rs 5,387 crore for the quarter from Rs 3,433 crore in the same period last year led to a decline in the profits even as the bank witnessed a 30.8% jump in its total income. The banks other income also fell by 28%.