Special Correspondent

BANGALORE: Canara Bank recorded a net profit of Rs. 529 crore in the quarter ended September 30, 2008, a 32 per cent growth compared to the same quarter last year. The operating profit grew by 19 per cent to Rs. 774 crore. Net interest income went up by 46 per cent (year-on-year) to Rs. 787 crore.

A. C. Mahajan, Chairman and Managing Director, told reporters here on Monday that, “The growth came from retail, midcap, infrastructure and related sectors. The guidance for this year has been revised upwards to achieve global business of Rs. 3,15,000 crore of which deposits could be Rs. 1,85,000 crore.” In the second quarter, aggregate business increased to Rs. 2,90,824 crore, a year-on-year growth of 21 per cent. The growth came mainly from 18 per cent increase in deposits at Rs. 1,71,510 crore. The first half of this year saw the bank adding Rs. 29,500 crore business.

The bank has received the Reserve Bank of India’s approval for opening more overseas branches in Johannesburg, Frankfurt, Muscat, Manama and Qatar.