State-run, Canara Bank posted a net profit of Rs. 529 crore for the second quarter of this fiscal, registering a robust growth of 32% against the corresponding quarter last year.

Canara Bank chairman and managing director A.C. Mahajan said, "Our total income, including interest on advances and bills, has gone up 9.7 percent to Rs.44.48 billion in the quarter from Rs.40.55 billon in the corresponding period a year ago on strong credit growth. Recovery of Rs.5.83 billion during the quarter has also improved our bottom-line substantially."

Canara Bank position at the quarter ending September 30th stood as below:

The bank's operating profit grew by 19 % while the interest income rose by 18%. The improvement in net profit has been largely contributed by operating income.

"The growth came from retail, midcap, infrastructure and related sectors. The guidance for this year has been revised upwards to achieve global business of Rs. 3,15,000 crore of which deposits could be Rs. 1,85,000 crore," said Mr. Mahajan.

During the first half of this year Canara has added a business of Rs. 29,500 crore.

The bank is also expanding overseas operations by opening new branches in Johannesburg, Frankfurt, Muscat, Manama and Qatar.