CANARA BANK
Q3 FY 2011 RESULTS
Q/E DECEMBER 2010
CANARA BANK has declared results for Q3 FY 2011.
Interest on Advances is Rs.4326 Cr – up by 5.26% from Q2 FY 11 and by 24.63% from Q3 FY 10.
Income on Investments is Rs.1531 Cr – up by 8.06% from Q2 FY 11 and by 30.22% on Q3 FY 10.
Net Interest Income is Rs.2119 cr – up by 5.79% from Q2 FY 11 and by 43.41% from Q3 FY 10.
Total Income is Rs.6445 cr – up by 6.05% from Q2 FY 11 and by 17.84% from Q3 FY 10.
Operating Profit is Rs.1513 cr – up by 6.87% from Q2 FY 11 and by 2.93% from Q3 FY 10.
Provisions : is Rs.157.28 cr – compared to Rs.157.89 cr in Q2 FY 11 and Rs.167.41 cr in Q3 FY 10.
% of Gross/Net NPA is slightly reduced to 1.05 from 1.34 in Q3 FY 10.
NET PROFIT is Rs.1106 cr – up by 9.71% from Q2 FY 11 and by 5.05% from Q3 FY 10.
Capital Adequacy Ratio is very good at 13.02.
Return on Assets is very Good at 1.62.
Basic EPS is Rs.26.97 – compared to Rs.24.58 in Q2 FY 11; Rs.24.72 in Q1 FY11; Rs.12.27 in Q4 FY 10; and Rs.25.67 in Q3 FY 10. The annual EPS can be around Rs.103.24.
Current MP is Rs.610. The PE Ratio works out to 5.9.
RESULTS TABLE :
| CANARA BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 432588 | 410956 | 379361 | 354541 | 347097 |
| DIF %1 | 4326 | 5.26 | 14.03 | 22.01 | 24.63 |
| Income on Investments | 153075 | 141652 | 131937 | 118005 | 117555 |
| DIF %2 | 1531 | 8.06 | 16.02 | 29.72 | 30.22 |
| Income on Balances With RBI | 5122 | 5126 | 4781 | 5432 | 4120 |
| Others | 9 | 10 | 9 | 1684 | 9 |
| Interest Earned | 590794 | 557744 | 516088 | 479662 | 468781 |
| Other Income | 53661 | 49962 | 73397 | 71010 | 78129 |
| Total Income | 644455 | 607706 | 589485 | 550672 | 546910 |
| DIF%3 | 6445 | 6.05 | 9.33 | 17.03 | 17.84 |
| Interest Expended | 378871 | 357414 | 343305 | 319904 | 321002 |
| NII | 211923 | 200330 | 172783 | 159758 | 147779 |
| DIF %4 | 2119 | 5.79 | 22.65 | 32.65 | 43.41 |
| Employees Cost | 78375 | 72744 | 66115 | 49805 | 47543 |
| Other Operatng Expenses | 35908 | 35971 | 31731 | 37916 | 31366 |
| Operatng Expenses | 114283 | 108715 | 97846 | 87721 | 78909 |
| Operating Profit | 151301 | 141577 | 148334 | 143047 | 146999 |
| DIF %5 | 1513 | 6.87 | 2 | 5.77 | 2.93 |
| Provisions | 15728 | 15789 | 21997 | 72737 | 16741 |
| Profit before tax | 135573 | 125788 | 126337 | 70310 | 130258 |
| Tax Expense | 25000 | 25000 | 25000 | 20000 | 25000 |
| Net Profit | 110573 | 100788 | 101337 | 50310 | 105258 |
| DIF %6 | 1106 | 9.71 | 9.11 | 119.78 | 5.05 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 41000 | 41000 | 41000 | 41000 | 41000 |
| Capital Adequacy Ratio | 13.02 | 13.88 | 12.44 | 13.43 | 14.44 |
| Basic EPS | 26.97 | 24.58 | 24.72 | 12.27 | 25.67 |
| Gross/Net NPA | 199104 | 185967 | 172936 | 179970 | 197617 |
| % of Gross/Net NPA | 1.05 | 1.06 | 1 | 1.06 | 1.34 |
| Return on Assets | 1.62 | 1.52 | 1.55 | 0.87 | 1.85 |
| Public holding (%) | 26.83 | 26.83 | 26.83 | 26.83 | 26.83 |
Total business of the bank stood at Rs 4,53,379 crore, up by 27 per cent, year-on-year basis. While total deposits grew by 25 per cent to reach Rs 2,63,497 crore, net advances recorded a growth of 29 per cent to touch a level of Rs 1,89,882 crore.
Net Interest Margin stood at 3.21 per cent, up by 50 basis points while net interest income growth stood at 43.4 per cent.
Speaking on the bank's goals for fiscal year 2011, THE EXECUTIVE DIRECTOR OF CANARA BANK said it aimed at reaching an aggregate business of Rs five lakh crore comprising total deposits of Rs 2,85,000 crore and advances of Rs 2,15,000 crore.
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