Ca­nara Bank In­dia Q1 profit falls 41pc

The Pak Banker - - COMPANIES/BOSS -

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.

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