Bengaluru, May 10 (UNI) The Public sector Canara Bank posted a net profit of Rs 551.53 cr for the fourth quarter of fiscal 2018-19, as per the audited financial results for the financial year ended March 31, 2019.
Addressing newsmen R A Sankaranarayanan, Managing Director and Chief Executive Director of the Bank expressed satisfaction that the bank was able to register a total business growth of 12.71 per cent, which is above two fold economic growth of the GDP of the country.
The net profit improved from a net loss of Rs 4222 crore during the 2018-19 to Rs 327 crore during the 2018-19 fiscal.
Informing that thanks to the sustained efforts the Gross NPA of the bank which stood at 11.84 per cent was brought down to 8.83 per cent while the Net NPA was down from 7.84 per cent to 5.3 per cent.
The overall net profit of the bank would swell, if the Net NPA would be brought down further, he said.
He said that while the Gross advances was up by 10.82 per cent at Rs 4,44,216 crores the gross deposit of the bank was also up by about 14.15 per cent at Rs 599,033 crore.
While the Net NPA was contributed mainly by the Corporate sector (14 per cent), NPA accounts to Agriculture sector stood at 5.5 per cent followed by the MSME sector which stood with about 10.5 per cent.
Expressing confidence to bring down the Gross as well as Net NPA in the coming days he said that “If we manages to register a recovery of 20 per cent of the Gross NPA, my net profit will sore to over Rs 5000 crore easily” Mr Sankaranarayan said.
“Taking into consideration of the present economic scenario we have reasons to feel that Canara Bank’s performance is much better,” he said.
Replying to questions he said that there is no any proposal before the bank to acquire or merger of any other banks with the Canara Bank.
“Being a third largest PSU bank in the country Caranara bank is targeting for merger with any other banks as we want see it as an Anchor bank” he added.
Replying to questions the CMD of the bank said that “As for as staff strength per branch, we stand ahead with any other banks of my bank’s size” he said.
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