Canara Bank India Q1 profit falls 41pc
MUMBAI: Staterun lender Canara Bank reported a 41% yearon-year drop in its net profit for the quarter ended 30 June, owing to high bad asset provisions. Net profit for the first quarter stood at Rs.478.84 crore, lower than Rs.807 crore in the same quarter a year ago.
The bank's provisions and contingencies for the June quarter stood at Rs.1,360 crore, up 72.5% from Rs.788 crore in the same period last year. Net interest income, or the difference between the interest earned on loans and that paid on deposits, stood at Rs.2,516.5 crore, slightly higher than Rs.2,429.36 crore a year ago. The bank's asset quality worsened, with gross non-performing asset (NPA) ratio at 3.98% for the April-June period, higher than 3.89% reported in the January-March quarter. Net NPAs stood at 2.74%, higher than 2.65% reported in the last quarter. At 2:05pm, shares of Canara Bank were trading at Rs.307 on the BSE, down 0.78% from its previous close.