Canara Bank on Wednesday reported a net profit of Rs 1,338 crore (Rs 13.38 billion) during 2003-04, up by 31.31 per cent over Rs 1,019 crore (Rs 10.19 billion) in the previous fiscal.

Announcing the results in Bangalore, Canara Bank chairman and managing director R V Shastri told reporters that the bank's other income was at Rs 2,072.91 crore (Rs 20.73 billion) during 2002-03, including profit of Rs 1,206.67 crore (Rs 12.07 billion) on the sale of investments.

The bank also earned Rs 389 crore (Rs 3.89 billion) from the government buyback of the illiquid securities scheme.

During 2002-03, the bank's other income stood at Rs 1,447.96 crore (Rs 14.48 billion).

Shastri said the board had recommended a final dividend of 25 per cent, taking the total dividend to 50 per cent.

He said the interest income during 2003-04 stood at Rs 7,007 crore (Rs 70.07 billion), up by 4.41 per cent from Rs 6,692 crore (Rs 66.92 billion) in the previous fiscal.

The total income earned stood at Rs 9,079 crore (Rs 90.79 billion) last fiscal, up by 11.14 per cent over Rs 8,169.85 crore (Rs 81.70 billion) in 2002-03.

Shastri said the bank's net non-performing assets came down to 2.89 per cent as against 3.59 per cent in 2002-03 and the gross NPA increased to 6.33 per cent in 2003-04 compared to 5.91 per cent in the previous fiscal.

Total advances stood at Rs 47,639 crore (Rs 476.39 billion) in 2003-04, up by 17.71 per cent over Rs 40,472 crore (Rs 404.72 billion) in the previous fiscal.