Canara Bank wednesday reports its net profit in the June quarter rose 17% year-on-year because of lower provision and improved asset quality.
The bank posted a net profit of ₹329.07 crore for the three months ended 30 June compared with ₹281.49 crore in the year-ago period. Profit was higher than ₹284 crore estimated by analysts.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 11.70 % in the June quarter compared with 11.90 % in the March quarter and 13% in the year-ago period.
Provisions during the quarter fell 26.46% to₹1,899.13 crore as against ₹2,582.30 crore in the year-ago quarter. In the Jan-Mar quarter, the bank had set aside ₹5,523.50 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 16.54% to₹3,240.61 crore from ₹3,882.9 crore in the corresponding period of last year.
Other income, which includes core fee income, rose 1.58% to ₹1,861.87 crore in the three months from ₹1832.91 crore a year ago.
Post provision, the net NPA ratio was at 8.2% against 8.31% in the Jan-Mar quarter and 9.35% in the year-ago quarter.
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