Canara Bank clocks 10.5 per cent jump in Q1 net profit at Rs 3,905 crore
The bank’s net interest income (NII) during the first quarter increased 6 per cent to Rs 9,166 crore from Rs 8,666 crore in the same period last year.
Canara Bank’s consolidated net profit stood at Rs 739.20 crore in the third quarter ended December of FY2020-21 as compared to net profit of Rs 406.43 crore during the same period a year ago.
Total income (consolidated) during quarter under review stood at Rs 24,490.63 crore from Rs 15,531.80 crore, Canara Bank said in a regulatory filing on Wednesday.
“Figures of December 31, 2019, and March 31, 2020, are related to standalone Canara Bank financials to pre-amalgamated period, hence, not comparable with post amalgamation financials of September 30, 2020 and December 31, 2020,” the bank said.
Advertisement
Bank’s gross non-performing assets (NPAs) fell to 7.48 per cent of the gross advances as of December 31, 2020. The bank had posted gross NPAs at 8.40 per cent by end of December 2019.
In value terms, the gross NPAs or bad loans were of the order of Rs 49,988.56 crore as against Rs 36,860.49 crore.
Net NPAs were 2.65 per cent (Rs 16,796.15 crore), down from 5.05 per cent (Rs 21,377.86 crore).
Provisioning for bad loans and contingencies stood at Rs 4,327.34 crore for the quarter under review, higher than Rs 1,815.32 crore parked aside for year ago quarter. Of this, the provision for bad loans was of Rs 2,658.48 crore as against Rs 1,205.85 crore a year earlier, the bank said.
On standalone basis, the net profit in Q3FY21 stood at Rs 696.06 crore as against Rs 329.62 crore. Total income was at Rs 21,479.86 crore, against Rs 14,001.63 crore on standalone basis.
It is worth mentioning that bank’s profit of Q3FY21 is not comparable year-on-year as the latest figures are of the amalgamated entity after the merger of Syndicate Bank into Canara Bank.
The amalgamation came into effect from April 1, 2020.
Advertisement
