Canara Bank's net profit rises 3.8 pc to Rs 330 cr in Q3

Bengaluru:  State-owned Canara Bank on Thursday, January 23 reported a 3.8 percent rise in its net profit to Rs 329.62 crore in the third quarter of the current financial year, mainly due to a decline in the proportion of bad loans.

The bank’s profit was Rs 317.52 crore during the December 2018 quarter.

Its total income stood at Rs 14,001.63 crore during the quarter ended December 2019, up from Rs 13,513.35 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 5.05 percent, down from 6.37 percent a year ago. Similarly, the percentage of gross NPAs also narrowed to 8.36 percent from 10.25 percent.

In absolute terms, the net NPAs stood at Rs 21,337.74 crore, down from 26,591.07 crores.

The bank made a provisioning of Rs 1,802.91 crore during the quarter under review, compared with Rs 1,977.34 crore a year ago.

Canara Bank’s shares were trading at Rs 221.10 apiece on the BSE, up 1.03 percent.