Home >Companies >Company Results >Canara Bank's net loss widens to 3259 crore in March quarter

Mumbai : State-owned Canara Bank on Wednesday reported a net loss of 3259.33 crore in the March quarter owing to a rise in provision. In the quarter ended March 2019, the bank had posted a net loss of 551.53 crore.

A Bloomberg poll of four analysts had estimated a profit of 280.80 crore.

The bank had set aside additional provision of 1989.26 crore towards deferment of provision in respect of frauds reported for Rs.2349.59 crores.

Net interest income was at 3318.52 crore, down 5.19% from 3500.15 crore earlier. Other income gained 16.81% to 2174.95 crore for the quarter ended 31 March 2020 against 1861.95 crore for the same quarter last year.

Its total income stood at 14222.39 crore during the quarter ended March, up 1.59% from 14000.43 crore in the year-ago period, Canara Bank said in a stock exchange filing.

The net non-performing assets (NPAs) as a percentage of total assets stood at 4.22%, down from 5.37% a year ago. Similarly, the percentage of gross NPAs also narrowed to 8.21% from 8.83%.

In absolute terms, the net NPAs stood at 18250.95 crore for the March quarter, down 20.49% from 22955.11 crore for the corresponding quarter last year.

The bank made a provisioning of 5375.38 crore during the quarter under review, down 2.68% compared with 5523.50 crore a year ago.

The amalgamation of Syndicate Bank into Canara Bank came into effect from April 1.

Deposits were up 4.39% to 6.25 trillion for year ended 31 March against 5.99 trillion last year. Advances rose 1.04% to 4.32 trillion as on 31 March over 4.28 trillion for the same period last year.

Canara Bank's shares closed at 109.45 apiece on the BSE, down 3.95%, while the benchmark index, Sensex lost 1.58% to close at 34868.98 points.

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