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Last Updated : Aug 05, 2020 06:54 PM IST | Source: PTI

Canara Bank Q1 profit up 23% at Rs 406 crore

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

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Canara Bank on Wednesday reported 23.5 percent rise in standalone net profit at Rs 406.24 crore for June quarter 2020-21. The public sector lender logged a net profit of Rs 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 Rs 20,685.91 crore from Rs 14,062.39 crore in the year-ago period, Canara Bank said in a regulatory filing.

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

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

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

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

Of this, provisions for NPAs stood at Rs 3,549.99 crore as against Rs 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 Rs 103.15, down 1.24 percent from previous close.
First Published on Aug 5, 2020 06:45 pm
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