Canara Bank has announced the results for the twelve-monthly period ended March 31, 2008.

The public sector bank has recorded a net profit of Rs 1565.01 crore for the year as compared to Rs 1421 crore during the corresponding period of the last year.

Total income during the year experienced a growth of 28.1% at Rs 16,414 crore, up from Rs 12,816 crore in the previous financial year.

Bank's Chairman M B N Rao stated that the bank has posted a 25 percent growth in its yearly interest income, which stood at Rs 14,201 crore, as against Rs 1,135 crore during the same period of the previous fiscal.

The non-interest income enhanced 52.5 percent, whereas NIM for the year was 2.42 percent. Total expenditure for the year was Rs 13454 cr as against 9903.04 cr last year.

However, Canara Bank reported a decline of 8.12% in standalone net profit for the quarter ended March 2008, as against fall of 11.17% estimated by analysts.

The bank’s net profit for quarter four declined from Rs 505.09 crore to Rs 464.06 crore.

Mr. Rao attributed the decline to higher provisioning by the bank among other factors.

Total income for the fourth quarter increased to Rs 4502.27 crore as against Rs 3836.71 crore for Q4 2007.

The bank reported earnings of Rs 11.32 a share during the quarter, registering 8.12% decline over previous year period.

The bank's worldwide business touched the Rs 261310 crore as at the end of March 2008 whilst the bank’s credit-deposit ratio improved to 69.6 percent as at the end of March 2008

For the year ended March 2008, the board has recommended a dividend at the rate of 80%.

Shares of the bank, on Friday (April 25), gained Rs 5.95 at Rs 238.4 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 165,677 at the BSE.