Canara Bank, on Wednesday, announced that it has posted a 11 per cent growth in net profit at Rs 402 crore for the second quarter (Q2) ended September 30, 2007 compared to Rs 362 crore in the in the corresponding quarter in the previous fiscal.

Briefing reporters here, Canara Bank CMD MBN Rao said, “Total income of the bank in Q2 stands at Rs 4,055 crore against Rs 2,978 crore in Q2 last year, registering a growth rate of 36 per cent.” Interest income for the Q2 stood at Rs3,483 crore as against Rs 2,680 crore previous year, registering a 30 per cent jump. Non-interest income for Q2 stood at Rs 572 crore against Rs 298 crore. Operating profit for Q2 grew by eight per cent to Rs 650 crore from Rs 600 crore. 

Bank’s total income for the first half of the of the current fiscal registered a 36 per cent growth to touch Rs 7,815 crore as against Rs 5,733 crore for the same period of the previous year. Mr Rao attributed the growth to a 39 per cent jump in the interest income from core lending operations.

Overseas branches

Aggregate business of the bank stood at Rs 2,40,537 crore as on September 30, 2007 compared to Rs 2,04,692 crore as on September30, 2006, registering a 18 per cent growth. Mr Rao said that aggregate business was driven by a 19 per cent growth in deposits ..

Mr Rao informed that the bank has received RBI nod to open overseas branches in Johannesburg, Frankfurt, Muscat, Manama and QFC-Qatar.  He also added that Canara Bank has undertaken a brand building exercise to improve visibility and position it as a strong customer centric bank.