Canara Bank Q2 profit falls 27% to Rs260 crore
Bengaluru: India’s state-run Canara Bank Ltd reported a 27% fall in second-quarter profit on lower interest income.
Net profit fell to Rs260 crore ($40.00 million) in the quarter ended 30 September from Rs357 crore a year earlier, the country’s eighth-biggest state-run lender by assets said on Friday.
Analysts, on average, had expected a net profit of Rs331 crore, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans stood at 10.51% at end-September, compared with 10.56% a quarter earlier and 9.81% a year ago.
Interest earned in the quarter fell 3% to Rs10,058 crore. Reuters