Canara Bank announces third quarter results
Canara Bank has reported a 50 percent growth in net profit to Rs. 1,053 crore in the third quarter of the current financial year against Rs. 702 crore in the same period previous year.
The total income grew 1.6 percent to Rs. 5,469 crore in the quarter from Rs. 5,383 crore in the corresponding period a year ago, the bank said in a regulatory filing on Thursday. While, the net interest income also recorded a growth of 19 percent to Rs. 1,478 crore in the quarter from Rs. 1,244.
In the case of operating profit, a growth of 21 percent was recorded to Rs. 1,470 crore in the quarter from Rs. 1,214 crore in the year ago period. The reserve rose 22 percent to Rs. 9,630 crore from Rs. 7,886 crore.
The bank recorded a dip in provisions for outstanding and contingencies to Rs. 167 crore during the quarter from Rs. 353 crore in the corresponding period last year.
There was an increase to 1.85 percent from 1.45 percent in return on assets while net non-performing assets increased to Rs. 1,976 crore from Rs. 1,654 in the last year. The gross NPA was recorded at Rs. 2,619 crore or 1.77 percent from Rs. 2,378 crore or 1.84 percent.
Capital adequacy ratio also recorded a moderate rise to 14.44 percent from 13.41 percent year ago.