Friday, January 27, 2012

Canara Bank reports lower net in third quarter

Canara Bank reported a net profit of Rs. 876 crore in the third quarter ended on 31 December 2011, a decline of 26 percent per annum. Announcing the results on Friday, Chairman and CEO of S. Raman said the reserves 'impaired assets' depreciation and the higher profitability of investments would have been higher during the quarter.

Total income was higher than Rs.8, 591.15 crore against Rs.6, 444.55 crore.

Mr. Raman has acknowledged that profitability was also affected by higher interest expenses, reflecting the cost of deposits mobilized by the bank. Interest grew 56 percent annualized during the quarter.

Compared to a year ago, deposits of 19.7 percent during the quarter, advances grew by 15.5 percent over the same period.

Bank's net interest margin (NIM) was 2.64 percent during the quarter, compared with 3.21 percent a year earlier.

Mr. Raman said the bank's NIM is a "reasonable level". "Regulators look down on the NIM is very high," he said.

Gross non-performing assets (NPA) were Rs. 3999 crore, 45 per cent higher than a year earlier.

Net NPA ratio deteriorated from 1.05 per cent 1.49 per cent during this period.

"We have been careful in choosing our accounts this year," Mr. Raman said.

Banks, Mr. Raman said, were well placed to "capitalize" the opportunities that may arise from the past to reduce the cash reserve ratio of the central bank. "My reading is that we end the interest rate cycle.". "If inflation is not lost the ability to see more action before the CRR," Mr. Raman said.

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