Canara Bank inaugurates branch in South Africa

Canara Bank has opened a branch at Johannesburg in South Africa as a part of its global expansion plans. The bank has 4,750 branches across India apart from a presence in London, Hong Kong, Shanghai, Bahrain and Moscow. The bank is also planning to go into Tanzania and Mozambique in Southern Africa as well as Germany, Dubai, Mexico, Australia and New Zealand. These are among 20 proposals which have already been approved by the Reserve Bank of India. A branch in New York will be opened next month. Canara Bank has posted a fall of 15.79% in its net profit at Rs 610.83 crore for the quarter ended March 31, 2014, as compared to Rs 725.38 crore for the same quarter in the previous year. However, total income of the bank has increased by 22.57% at Rs 11609.72 crore for quarter under review as compared to Rs 9471.57 crore for the quarter ended March 31, 2013.