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Canara Bank Q1 net profit rises 23% to Rs 406 crore

BusinessToday.In     August 5, 2020

Canara Bank has reported a 23.45 per cent increase in net profit for the quarter ended June 30, 2020. The public sector lender posted a standalone net profit of Rs 406.24 crore during the quarter under review as opposed to Rs 329.07 crore in the corresponding quarter last year.

However, in a filing to the exchanges, Canara Bank stated that the results for current quarter were not comparable with immediately preceding quarter and corresponding financial quarter of previous year as it had amalgamated Syndicate Bank into itself with effect from April 1, 2020.

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Operating profit rose 75.63 per cent to Rs 4,285.45 crore during Q1FY21 from Rs 2,440 crore in Q1 FY20. Net interest income, the difference between interest earned and interest expended, grew 21.11 per cent to Rs 6,096 crore during the June quarter this fiscal. Total income for the quarter under review stood at Rs 20,685.91 crore as compared to Rs 14,062.39 crore in the year ago period.

The percentage of gross non-performing assets increased slightly to 8.84 per cent during the June quarter in FY21, as compared to 8.77 per cent in the same quarter in FY20. Amount of gross NPAs stood at Rs 57,525.52 crore in Q1 FY21, against Rs 39,399.02 crore in Q1 FY20.

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Percentage of net NPAs declined to 3.95 per cent during the quarter under review from 5.35 per cent from the same quarter in previous fiscal. Amount of net NPAs in the April-June quarter this fiscal stood at Rs 24,355.23 crore, down from Rs 23,1149.62 crore in the corresponding quarter last fiscal.

Provisions and contingencies of Canara Bank during the June quarter were Rs 3,826.34 crore, as compared to Rs 1,899.13 crore.

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