India-based public
sector lender, Canara Bank, has posted a record quarterly net
profit for the three months to 31 December: INR11.06bn ($241.1m),
an increase of 5.1% from the same period a year ago.
In the first three
quarters of fiscal 2011, Canara’s net profit increased by 24.1% to
INR31.27bn.
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At the end of the third
quarter, deposits had increased 25.4% year-on-year; low cost CASA
deposits grew by 27.5%, helping to boost Canara’s CASA ratio to
30.5% from 29.5%.
Lending increased by
28.8% year-on-year; Canara was further boosted by a reduction in
net non-performing assets which fell to 1.05% from 1.34% a year
earlier.
Canara ended the third
quarter with a branch network of 3,174 outlets, a net increase of
169 units year-on-year.
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