Canara Bank reports net profit of Rs 739 cr after Syndicate merger

State-owned Canara Bank on Wednesday reported consolidated net profit of Rs 739.20 crore in the third quarter ended December of the current fiscal.

It had earned a net profit of Rs 406.43 crore during the same period a year ago.

However, the profit of Q3FY21 is not comparable year-on-year as the latest figures are of the amalgamated entity after the merger of Syndicate Bank into Canara

Bank.

The amalgamation came into effect from April 1, 2020.

The bank's total income (consolidated) during October-December period of 202021 rose to Rs 24,490.63 crore from Rs 15,531.80 crore, Canara Bank said in a regulatory filing.

"Figures of December 31, 2019, and March 31, 2020, are related to standalone Canara Bank financials to pre-amalgamated period, hence, not comparable with post amalgamation financials of September 30, 2020 and December 31, 2020," the bank said.

On asset front, the gross non-performing assets (NPAs) of the bank fell to 7.48 per cent of the gross advances as of December 31, 2020, as against 8.40 per cent by end of December 2019.