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.