Canara Bank profit for the first quarter of 2016-17 more than halved from a year ago to Rs. 228.95 crore (Rs 478.84 crore posted in the same period last year).
State-run lender Canara Bank on Monday reported 52.1% decline in net profit at Rs.228.9 crore in the first quarter ended 30 June as it parked a higher share towards contingencies for bad loans.
The Bengaluru-headquartered bank’s net profit in same quarter of the previous fiscal year stood at Rs.478.84 crore, Canara Bank said in a regulatory filing to BSE.
The bank’s provisions and contingencies rose to Rs.1,492.92 crore in the April-June quarter from Rs.1,359.73 crore in the same period a year ago.Total income during the quarter under review declined to Rs.11,786.3 crore, from Rs.12,252.64 crore a year ago.
Bank’s asset quality deteriorated further as gross non-performing
assets (NPAs) or bad loans stood at 9.71% of gross advances in the first
quarter of FY17 against 3.98% in the same period of FY16. Net NPAs too
slipped to 6.69% of net advances as against 2.74% a year ago.
The bank’s total income slipped 4.21 per cent to Rs. 11,736.35 crore against Rs. 12,252.64 crore recorded last year. EPS (basic) of the bank stood at Rs. 4.22 (last year Rs. 9.63).
Operating profits (before provisions and contingencies) of the bank is also lower by 9.21 per cent and stood at Rs. 1,818.87 crore against Rs. 2,003.57 crore during the same period last year.
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