Canara Bank swung to profit in March quarter as it reported a net profit of Rs.1,011 crore in Q4FY21 as compared to Rs.3,259 crore of net loss posted in the same quarter last year. The bank's net interest income (NII) rose 68.4% to Rs.5,589 crore as against Rs.3,318 crore year-on-year (YoY).
The asset quality deteriorated as the gross non-performing assets (NPA) stood at 8.93% versus 7.46% on a sequential basis while the net NPAs stood at 3.82% as compared to 2.64%. Provisions and contingencies fell to Rs.4,134 crore from Rs.5,375.38 crore on a yearly basis.
Canara Bank's other income in Q4 jumped to Rs.5,207 crore from Rs.2,174.95 in the corresponding quarter of the previous fiscal.
The bank said that the ongoing Covid situation continues to be uncertain and it is evaluating the situation on an ongoing basis. The major identified challenges for the Bank would arise from eroding cash flows and extended capital cycles.
Despite the challenges, the management believes that no adjustments are required in the financial results as it does not significantly impact the current quarter. Despite these events and conditions, there would not be any significant impact on Bank's results in future and going concern assumptions as at presently made, it ad.
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