Home >Companies >Company Results >Canara Bank Q1 results: Net profit up 23% at 406 crore
Canara Bank stock settled at  ₹103.15, down 1.24% from previous close.
Canara Bank stock settled at 103.15, down 1.24% from previous close.

Canara Bank Q1 results: Net profit up 23% at 406 crore

Canara Bank reported 23.5% rise in standalone net profit at 406.24 crore for June quarter 2020-21 as against 329.07 crore in the same quarter of the previous financial year

NEW DELHI : Canara Bank on Wednesday reported 23.5% rise in standalone net profit at 406.24 crore for June quarter 2020-21.

The public sector lender logged a net profit of 329.07 crore in the same quarter of the previous financial year.

Canara Bank, which amalgamated Syndicate Bank into itself with effect from April 1, 2020, however, said the earning figures are not comparable as these are related to standalone financials for pre-amalgamation period.

Total income in April-June 2020-21 increased to 20,685.91 crore from 14,062.39 crore in the year-ago period, Canara Bank said in a regulatory filing.

The bank's gross non-performing assets (NPAs) were up slightly at 8.84% of the gross advances as on June 30, 2020 as against 8.77% at June-end last year.

In absolute value, gross NPAs or bad loans stood at 57,525.52 crore as against 39,399.02 crore by the year-ago same period.

Net NPA ratio, however, fell to 3.95% ( 24,355.23 crore) from 5.35% ( 23,149.62 crore).

Provisions and contingencies for the first quarter were raised to 3,826.34 crore as compared to 1,899.13 crore in the year-ago period.

Of this, provisions for NPAs stood at 3,549.99 crore as against 2,282.70 crore a year ago.

"Figures are related to standalone Canara Bank financials for pre-amalgamation period, hence not comparable with post amalgamation financial for the quarter ended 30th June, 2020," the bank said.

Canara Bank stock settled at 103.15, down 1.24% from previous close.

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