Canara Bank expects Oct-Dec net to rise 20-25%

Canara Bank expects October-December net profit to rise 20-25% from a year ago, a top official said on Monday.

"Our net interest income will rise by 15-20% year-on-year. Our cost of deposits have come down to 6.23% from 6.87% year ago resulting in growth in profit," chairman and managing director AC Mahajan told Reuters on the sidelines of a banking conference.

In Oct-Dec FY09 the bank's net profit was at Rs7.01 billion while in the September-quarter of FY10 it was at Rs9.10 billion, he said.