Canara Bank posts 15.1% second-quarter profit on tax write-back
Analysts had expected a loss of 1.16 billion rupees for Canara Bank, according to Refinitiv data
Bengaluru: India’s Canara Bank Ltd reported a 15.1% rise in second-quarter net profit on Wednesday, helped by a tax write-back.
Net profit came in at Rs300 crore ($40.56 million) for the three months ended 30 September, compared with a profit of Rs260 crore a year ago, helped by a tax gain of Rs807 crore.
Analysts had expected a loss of Rs116 crore, according to Refinitiv data.
However, provisions for the quarter surged 31.5% to Rs2,835 crore, as the lender set aside more funds for bad loans, the bank said.
Asset quality improved, with gross bad loans as a percentage of total loans dropping to 10.56% at end-September compared with 11.05% in the previous quarter. This was still higher than 10.51% in the same period a year ago.
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