Canara Bank - Q2 FY 2009-2010 Results Analysis
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Oct 27th, 2009 |
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Canara Bank, one of the major South Indian banks, announced good results this quarter beating the analyst expectations. Canara Bank reported an increase of 15% in interest income and 70% growth in Net Profit.
- Net Interest income: 1314 crore Vs 1149 crore (15% up)
- Net Profit: 910 crore Vs 529 crore (70% up)
RBI is going to announce its credit policy pretty soon. This will impact the banking sector in the short term. If RBI hikes the CRR by 50 basis point as currently expected, the liquidity in system will go down and bring down the stock market accordingly. There is already excess liquidity in the system. So this move by RBI is likely and will be a smart decision. But for long term the Indian Banking Sector is still a good sector to look at.
