Canbank Factors Ltd, a subsidiary of Canara Bank, has recorded a net profit of Rs 5.2 crore for the quarter ended 30 September 2003, up 14.54 per cent over the corresponding period in the previous year.
This performance comes on the back of improvement in the volume of factoring at Rs 733 crore for the September quarter, compared to Rs 568 crore for the same period in 2002. The funds deployed in the business have also risen sharply to Rs 237 crore, compared to Rs 171 crore in the previous period, a growth of 39 per cent.
The average deployment also witnessed a growth of 41 per cent at Rs 226 crore compared to Rs 161 crore in the previous year.
Source: Business Line – India
