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.


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