Bangalore-based and India’s second largest public sector lender, Canara Bank, has reported a net profit of Rs 529 .43 crore for the second quarter ended September 2008, up 32 per cent over the same period, previous fiscal.

The improved net profit was largely contributed by operating income. Interest income surged 18 per cent (year-on-year) to Rs 4,109.20 crore.

The bank’s total income, however, grew by just 9.7 per cent to Rs 4447.97 crore from Rs 4,0546.60 crore during the same quarter last year. While, the operating profit for the quarter grew by 19 per cent to Rs 774 crore.

Recently, the bank has received RBI’s approval for opening more overseas branches in Johannesburg, Frankfurt, Muscat, Manama and Qatar.

On latest repo rate cut by RBI to 8 per cent, Canara Bank has stated that it has no immediate plan to cut the benchmark prime lending rate (BPLR).