Canara Bank profit slips 52 per cent; NPAs spurt

The bank’s provisions and contingencies rose to Rs 1,492.92 crore in the April-June quarter from Rs 1,359.73 crore in the same period a year ago.

By: ENS Economic Bureau | Mumbai | Published: July 26, 2016 1:49 am
canara bank, canara bank q4 results, canara q4 profits, canara bank quarterly results, business news, banking news, india news Total income during the quarter under review declined to Rs 11,786.3 crore, from Rs 12,252.64 crore a year ago.

Public sector Canara Bank has reported 52.1 per cent decline in net profit at Rs 228.9 crore in the first quarter ended June as against a net profit of Rs 478.84 crore in the same period of last year and a loss of Rs 3,905 crore in the March quarter. The bank has reported a nearly three-fold rise in bad loans of Rs 32,334 crore as on June 2016.

The bank’s provisions and contingencies rose to Rs 1,492.92 crore in the April-June quarter from Rs 1,359.73 crore in the same period a year ago.

Total income during the quarter under review declined to Rs 11,786.3 crore, from Rs 12,252.64 crore a year ago.

Bank’s asset quality deteriorated further as gross non-performing assets (NPAs) or bad loans stood at Rs 33,334 crore (9.71 per cent of gross advances) in the first quarter of 2016-17 against Rs 13,081 crore (3.98 per cent) in the same period of FY2015-16. Net NPAs too slipped to 6.69 per cent of net advances as against 2.74 per cent a year ago.

However, shares of Canara Bank closed at 253.70 per unit up 5.31 per cent on the BSE.

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