Canara Bank profits plunge by 40 percent

Bengaluru, Aug 5 (IANS) Canara Bank reported a net profit of Rs.478.84 crore for the first quarter of 2015-16 fiscal, a fall of 40.6 percent in profits compared with the first quarter of 2014-15.

According to the unaudited standalone quarterly results notified to the Bombay Stock Exchange (BSE) in a regulatory filing, the Bengaluru-based bank’s profits eroded by Rs.328.02 crore in Q1 2015-16 compared to the 2014-15 quarter which saw a Rs.806.86 crore profit.

However, the bank’s total income rose to Rs.12,252.64 crore in April-June quarter of the current fiscal from Rs.11,728.01 crore in Q1 of the last fiscal, a rise of Rs.524.63 crore.

The total expenses grew to Rs.10,249.07 crore in the analysed quarter, from Rs.9,933.01 crore in Q1 of 2014-15.

The bank’s public shareholding also increased from 31 percent to 35.52 percent in the quarter ending June 2015.

In the quarter under review, Canara Bank’s domestic operations clocked a revenue of Rs.11,957.31 crore while international operations recorded a revenue of Rs.295.32 crore.

International operations revenue declined by Rs.14.32 crore on a quarter-on-quarter basis.

Founded by Ammembai Subba Rao Pai in 1906 at Mangaluru, Canara Bank had 5,682 branches as of March 2015 and 8,533 ATMs. It also has 132 hi-tech e-lounges to serve the customers at select branches.


Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here