Canara Bank Q1 profit rises to Rs252 crore, misses estimates
Canara Bank’s net profit rose to Rs252 crore ($39.18 million) in its fiscal first quarter ended 30 June, from Rs229 crore a year earlier
Bengaluru: Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.
Net profit rose to Rs252 crore ($39.18 million) in its fiscal first quarter ended 30 June, from Rs229 crore a year earlier, the country’s fifth largest state-run lender by assets said.
Analysts on average had expected the Bengaluru-based bank to report a net profit of Rs356 crore, according to Thomson Reuters data.
Provisions for the quarter rose to Rs2,204 crore from Rs1,493 crore year ago.
Gross bad loans as a percentage of total loans rose to 10.56% at end-June from 9.63% at March-end. Reuters
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