Canara Bank, India's second largest government owned-bank, has reported a 53 per cent increase in net profit to Rs 701 crore for the third quarter ended December 31, 2008 as against a net of Rs 458 crore for
the corresponding quarter of last fiscal. Total income has risen 31 per cent from Rs 4096 crore to Rs 5382 crore.
The Bangalore-based bank has reported a total interest income of Rs 4,625 crore, up 30 per cent over the corresponding quarter as its return on assets on an annualised basis moved upto 1.45 per cent from 1.08 per cent.
The operating profit has moved up 60 per cent to Rs 1214 crore as it kept its operating expenses under a tight leash. However, one main worry factor for the bank is that its non-performing assets has shot up by 90 per cent to Rs 1654 crore. The percentage of net NPA is at 1.45 per cent as against 1.08 per cent.
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