Public sector lender Canara Bank Monday reported over twofold jump in net profit at ₹317.52 crore for December quarter 2018 as provisioning for bad loans declined.
The bank had logged a net profit of₹125.75 crore in October-December 2017.
Total income in the reported quarter stood at ₹13,513.35 crore as compared to ₹12,341.09 crore in the year-ago period, the bank said in a regulatory filing.
The bank's asset quality improved a tad with gross non-performing assets (NPAs) falling to 10.25% of gross loans as at December-end 2018 against 10.38% in the year-ago period.
Net NPAs or bad loans too came down to 6.37% of net advances from 6.78% by December-end 2017.
In absolute value, gross bad loans of the lender stood at ₹44,621.27 crore as on December 31, 2018 as compared to₹43,111.98 crore a year ago.
Net bad loans were valued at ₹26,591.07 crore as against ₹25,295.26 crore.
Provisions and contingencies during the reported quarter stood at ₹1,977.34 crore as compared to ₹2,673.64 crore in the same period of 2017-18.
The completion of allotment procedure of the said issue and final allotment will be informed to stock exchanges as and when the same is completed, it added.
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