Canara Bank Q3 net dips by 21 pc

Bank posted net profit of Rs 1,105.73 crore for the Oct-Dec quarter in 2010-11.

Public-sector lender Canara Bank today reported a 21 per cent decline in net profit to Rs 875.56 crore for the third quarter ended December 31,on account of rise in bad assets.

The bank had posted net profit of Rs 1,105.73 crore for the October-December quarter in 2010-11,Canara Bank said in a filing to the BSE.

The bank’s gross NPAs increased to 1.81 per cent at the end of third quarter as compared to 1.44 per cent in December,2010. At the same time,provisions other than tax and contingencies rose to Rs 501.18 crore compared to Rs 157.28 crore in the same quarter in the previous fiscal.

Story continues below this ad

However,the total income of the lender rose to Rs 8,591.15 crore during the October-December period from Rs 6,444.55 crore in the same period last year.

During the first nine months of 2011-12,the net profit of the bank has dipped 22 per cent to Rs 2,453.63 crore from Rs 3,126.98 crore in the same period a year ago.

It has reported total income of Rs 24,741.47 crore in the first three quarters,compared to Rs 18,416.46 crore in the same period last financial year.

As Nitish Kumar prepares to take the field for another campaign, around him, much has changed.

Nitish-niti: What this moment means for the Bihar CM, his party

Long Reads6 hr ago

Bihar's CM Nitish Kumar, known for his welfare schemes, announced free electricity up to 125 units for domestic consumers. This move, seen as a sign of desperation, was actually a BJP idea with Nitish's touch. As he faces a generational shift in politics and challenges in his alliance, Nitish must prove his worth to young voters in his upcoming campaign.

View all shorts

Live Blog

PHOTOS