Canara Bank Q3 net down 20.7% at Rs 876 cr

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Canara Bank Q3 net down 20.7% at Rs 876 cr

State-owned Canara Bank has reported a net profit of Rs 876 crore in the third quarter of FY12, degrowth of 20.7% as compared to Rs 1,105 crore in a year ago quarter.

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State-owned Canara Bank has reported a net profit of Rs 876 crore in the third quarter of FY12, degrowth of 20.7% as compared to Rs 1,105 crore in a year ago quarter.

Net interest income too fell 9.5% to Rs 1,918 crore from Rs 2,119 crore during the same period.

Numbers were less than expectations; CNBC-TV18 had expected net profit of Rs 913 crore and net interest income of Rs 2,085 crore.

Gross non-performing assets (NPAs) increased at 1.81% in the quarter ended December FY12 versus 1.73% in the previous quarter. Gross NPAs stood at Rs 3,999 crore versus Rs 3,793 crore quarter-on-quarter.

Canara Bank made provisions of Rs 501 crore in the October-December quarter, rising 219% as compared to Rs 157 crore in the corresponding quarter of last fiscal.