Canara Bank net up 50 percent in Q3
By IANSThursday, January 28, 2010
BANGALORE - State-run Canara Bank posted a net profit of Rs.1,053 crore for the third quarter of this fiscal as against Rs.702 crore totted in the year-ago period, reflecting about 50 percent year-on-year (YoY) growth.
In a regulatory filing Thursday, the Bangalore-headquartered bank said its total income marginally increased to Rs.5,469 crore in the quarter under review from Rs.5,383 crore in the corresponding period a year ago, registering a 1.6 percent YoY growth.
Net interest income also increased to Rs.1,478 crore from Rs.1,244, a growth of 19 percent YoY.
Similarly, operating profit went up by 21 percent YoY to Rs.1,470 crore from Rs.1,214 crore in the like quarter a year ago.
The bank’s reserves too shot up 22 percent YoY to Rs.9,630 crore from Rs.7,886 crore.
Provisions for outstanding and contingencies declined to Rs.167 crore during the quarter from Rs.353 crore in the corresponding period in 2008-09.
Though the bank’s return on assets (RoA) marginally increased to 1.85 percent from 1.45 percent, net non-performing assets (NPA) increased to Rs.1,976 crore from Rs.1,654 crore over the last 12 months.
Gross NPA stood at 1.77 percent (Rs.2,619 crore) as against 1.84 percent (Rs.2,378 crore) in the same quarter year ago.
Capital adequacy ratio (CAR) increased marginally to 14.44 percent from 13.41 percent year ago.
