Canara Bank’s Q2 profit up 5.31%

 State-owned Canara Bank on Thursday reported a standalone net profit of Rs 444.41 crore for the three months to September. The lender had posted a net profit of Rs 364.92 crore during the same quarter of the previous fiscal year.

Total income (standalone) of the bank stood at Rs 20,836.71 crore in July-September period of 2020-21, as against Rs 14,461.73 crore in the same quarter of 2020-19, it said in a regulatory filing.

It further said the figures of September 2019 and March 2020 are related to standalone Canara Bank financials of pre-amalgamation period, and thus are not comparable with post-amalgamation financials of June 2020 and September 2020.

Canara Bank amalgamated Syndicate Bank with itself with effect from April 1, 2020.

Canara Bank's gross non-performing assets (NPAs) fell marginally to 8.23 per cent of the gross advances as of September 30, 2020, as against 8.68 per cent by end of September 2019.

In value terms, the gross NPAs or bad loans were at Rs 53,437.92 crore, up from Rs 38,711.33 crore.

Net NPAs fell substantially to 3.42 per cent (Rs 21,063.28 crore) from 5.15 per cent (Rs 22,090.04 crore).

Provisions for bad loans and contingencies for the reported quarter rose to Rs 4,016.81 crore as against Rs 2,037.97 crore.