Public sector bank Canara Bank today reported an increase of 354 per cent in net profit for the first quarter ended June 30, 2009 at Rs 555 crore as compared to Rs 122 crore posted in the same quarter a year ago.
Total income of the Bangalore-headquartered company rose by more than 22 per cent at Rs 5,031 crore for the same quarter as against Rs 4,099 crore.
The company managed to reduce its provisions and contingencies by 37 per cent to Rs 336 crore for the quarter as compared to 540 crore of the corresponding period of the previous year, according to the Bombay Stock Exchange(BSE).
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