Our aggressive policy on growth dented profits: Canara Bank

While centralization and computerization of banking processes is viewed as a major step towards greater efficiency of the financial establishments, it sure does come with its own package of bad news.

Canara Bank upgraded to system-based NPA recognition during the quarter, which has led to net NPA for the bank being reported at 1.34% in Q1 against 1% previous year. Speaking to CNBC-TV18 in an exclusive, S Raman, chairman and managing director of the bank says that gross NPA for Canara Bank stood at 1.67% this quarter versus 1.46% last year.
The dismal results of the bank is attribute to the large write-off of depreciation that was present in the previous quarter and also the additional provisions made this quarter.