Canara Bank posted a net profit of Rs.4,025.89 crore in 2010-11 against Rs.3,021.43 crore in the previous year, an increase of 33.24 per cent. Total income increased by 19.2 per cent to Rs.25,767 crore from Rs.21,610 crore.

The bank's board has proposed a dividend of Rs.11 per share for 2010-11 against Rs.10 in the previous year.

Announcing the results here on Thursday, Chairman and Managing Director S. Raman said the bank aimed to achieve an overall business of Rs.6.25-lakh crore in 2011-12 against Rs.5.06-lakh crore in 2010-11.

Mr. Raman said the bank aimed to mobilise Rs.3.55-lakh crore as deposits and advance loans to the tune of Rs.2.70-lakh crore in the current year. The bank made an operating profit of Rs.6,107 crore against Rs.5,061 crore. Net interest income amounted to Rs.7,823 crore, up 38 per cent over the previous year.

The bank, which announced an increase in the prime lending rate from 13.75 per cent to 14.25 per cent, and the base rate from 9.50 per cent to 10 per cent with effect from Thursday, had a net interest margin of 3.20 per cent last year.

Mr. Raman said the bank's treasury income might be impacted by the rate hike.

He said the bank's thrust in the current year would be on retail advances and deposits.


Canara Bank hikes deposit ratesDecember 11, 2010

Canara Bank plans to open 105 branches November 19, 2010

More In: Companies | Business