Canara Bank. Q4 FY11 profit recorded a growth of 78.61%

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Canara bank Ltd. announced its audited financial results for the fourth quarter ending March 31, 2011 on May 5, 2011. The company recorded a net profit of Rs. 8,989.0 million for the same period as compared to net profit of Rs. 5,031.0 million reported during the corresponding period in 2010. This is equivalent to a growth of 78.61%.

Considering the twelve month period from April - March 2011 into account, the value of the net profit stood at Rs. 40,258.9 million, as against the value of Rs. 30,214.3 million reported during the corresponding period.

While, total income of the company during the quarter ending March 31, 2011 stood at Rs. 73,505.9 million, as compared to Rs. 55,067.2 million for corresponding quarter of 2010, i.e. a growth of 33.48% for fourth quarter.

Considering the twelve month period from April-March 2011, into consideration, total income was reported as Rs. 257,670.5 million, i.e. a growth of about 19.23% over the corresponding value of Rs. 216,098.6 million for the year ago period.

Moreover, the EPS of the company during the twelve months i.e. from April - March 2011, increased to Rs. 97.83 as against Rs. 73.69 in the year ago period of 2010.

On the Segments front, the treasury segment has contributed Rs. 16,274.7 million for the quarter ending March 2011 as against Rs. 13,150.0 million in the corresponding quarter previous year, while retail banking segment has posted revenue of Rs. 17,856.1 million as against Rs. 14,301.4 million.

Similarly wholesale banking and unallocated segment contributed Rs. 38,752.0 million and Rs. 25,745.8 million for the quarter ending March 2011 in comparison to Rs 73,505.9 million and Rs. 55,067.2 million respectively for the year ago period respectively.

Canara Bank Board of Directors at its meeting held on May 05, 2011, inter alia, has recommended a Dividend @ 110 % / Rs. 11/- per equity share of the face value of Rs. 10/- for the year ended March 31, 2011.

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