Canara Bank Q1 profit falls 52.1% to Rs229 crore on higher provisions
The bank’s provisions and contingencies rose to Rs.1,492.92 crore in the June quarter from Rs.1,359.73 crore in the year ago period
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New Delhi: State-run lender Canara Bank on Monday reported 52.1% decline in net profit at Rs.228.9 crore in the first quarter ended 30 June as it parked a higher share towards contingencies for bad loans.
The Bengaluru-headquartered bank’s net profit in same quarter of the previous fiscal year stood at Rs.478.84 crore, Canara Bank said in a regulatory filing to BSE.
The bank’s provisions and contingencies rose to Rs.1,492.92 crore in the April-June quarter from Rs.1,359.73 crore in the same period a year ago.
Total income during the quarter under review declined to Rs.11,786.3 crore, from Rs.12,252.64 crore a year ago.
Bank’s asset quality deteriorated further as gross non-performing assets (NPAs) or bad loans stood at 9.71% of gross advances in the first quarter of FY17 against 3.98% in the same period of FY16. Net NPAs too slipped to 6.69% of net advances as against 2.74% a year ago.
However, shares of Canara Bank closed at Rs.253.70 apiece up 5.31% on BSE. The company reported results after market hours.