Canara Bank, a financial conglomerate in India, reported a lower net profit for the fourth-quarter, despite higher net interest and non-interest income.
The Bengaluru-based bank posted fourth-quarter net profit of Rs.829.09 crore or Rs.18.76 per share, lower by eight percent than the Rs.898.90 crore or Rs.20.29 per share reported for the same period last year.
Net interest income during the quarter grew by three percent to Rs.2,040.16 crore from Rs.1,972.91 crore reported in the corresponding quarter last year, while non-interest income declined by 18 percent to Rs.769.26 crore from Rs.932.83 crore last year.
During the quarter, total income amounted to Rs.9,036.75 crore from the Rs.7,350.59 crore in the prior-year quarter, reflecting a 23 percent growth.
Income from domestic operations for the quarter under review was Rs.8,886.89 crore, while that from foreign operations stood at Rs.149.86 crore.
The operating profit, before provisions and contingencies, for the quarter increased by percent to Rs.1,490.70 crore, compared with Rs.1,694.87 crore in the prior-year quarter, reflecting a 12 percent drop.
For the fiscal year, the bank reported stand-alone net profit of Rs.3,282.72 crore, down by 19 percent from Rs.4,025.89 crore a year ago.
For the twelve-month period, net interest income amounted to Rs.7,689.31 crore, flat from last year's Rs.7,699.33 crore, while non-interest income was Rs.2,927.60 crore, up by four percent from the Rs.2,811.46 crore for the twelve months period ended March 31 last year.
Total stand-alone income for April-March 2012 period totaled Rs.33,778.22 crore, compared with Rs.25,751.53 crore in the last year, an increase of 31 percent
Income from domestic operations and foreign operations for the year totaled Rs.33,264.31 crore and Rs.513.91 crore, respectively.
As as the end of this March, total deposit rose by 11 percent to Rs.327,054 from the Rs.293,437 on March 31 last year, while that of net advances grew by 10 percent to Rs.232,490 crore from Rs.211,268 crore as at the end of March last year.
As at the end of this March, the gross NPA as a proportion of gross customer assets were at 1.73 percent, while net NPA as a proportion of net customer assets were at 1.46 percent.
The bank's capital adequacy ratio fell to 13.76 percent from 15.38 percent as at the end of March 2011.
The bank said its board has recommended a dividend of 110 percent or Rs.11.00 per equity share of Rs.10 each for the fiscal year 2012.
At the BSE, Canara Bank shares are being trading at Rs.407.75, up 0.25 percent from the previous close.
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