Canara Bank net up 11 per cent

Canara Bank posted a marginal rise in its net profit for the quarter ended March 31, 2015, at Rs.613 crore against Rs.611 crore in the year-ago period due to decline in net interest income. Total income rose by 7.1 per cent to Rs.12,429 crore.

For the year ended March 31, 2015, the net profit grew 11 per cent to Rs.2,703 crore, while the total income stood at Rs.48,300.29 crore.

For the year, the cash recovery touched a record high and stood at Rs.5,993 crore.

P. S. Rawat, Executive Director with additional charge of MD & CEO said “We are expecting a 14 per cent credit growth in the current fiscal and to fuel that we may need to raise fresh funds. We have not taken decision on how much and when to raise the capital.”