Rise in the net profit of Canara Bank
By Vaibhav Aggarwal
Jul 22, 2014
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State owned bank – Canara Bank has reported an increase of 1.86% in net profit at Rs. 806.86 crore for the quarter ended June 30. Last year the profit of the bank was Rs 792.07 crore. Chairman and managing director of the bank reported that in the past 8 quarters the profit of the bank has never crossed Rs 800 crore. From last two years the profit of the bank was below 800 crore.

Further he Stated that total deposits were up by 12.3 per cent year on year toRs. 4.29 lakh crore, Net advances of the bank rose 21.2 per cent on year Rs. 3.03 lakh crore. It was also informed that bank has added 255 branches and 197 ATMs last quarter that has helped to increase the profit. The bank has also received the permission from the reserve bank to establish the branch overseas. Further the bank is aiming for the business figure of over Rs. eight lakh crore and it plans to take the number of branches to 6,000 plus and number of ATMs to 10,000 by March 2015.

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