REDUCTION IN BAD LOANS
Canara Bank’s net profit up 17%
New Delhi:25.07.2019
State-owned Canara Bank on Wednesday reported a 17%rise in its standalone net profit to ₹329 crore for the first quarter ended June 30, mainly driven by reduction in bad loans. The bank had registered a net profit of ₹281.5 crore in the April-June period of 2018-19. Total income rose to ₹14,062 crore in the June quarter from ₹13,192 crore in same period a year ago, Canara Bank said in a regulatory filing. At the same time, interest income rose to ₹12,200 crore in the quarter from ₹11,359 crore in the corresponding period last fiscal. The bank’s income from other sources too improved to ₹1,867 crore from ₹1,833 crore.
During the quarter, the bank earned operating profit of ₹2,440 crore. With regard to asset quality, the bank has exhibited improvement with the gross non-performing assets (NPAs) declining to 8.7%of gross advances at the end of June 2019, as against 11%as of June 30, 2018.
Net NPA too came down to 5.35%from 6.9%. In absolute value, gross NPAs at the end of June, 2019 declined to ₹39,399 crore from ₹44,659 crore as on June 30, 2018. Net NPAs came down to ₹23,149 crore compared to ₹26,693 crore. As a result, the provisions for bad loans declined to ₹2,282 crore for the first quarter this fiscal, from ₹2,466 crore parked aside for the same period in 2017-18. Overall provisions and contingencies too eased to ₹1,899.13 crore as against ₹2,582.3 crore. Provision coverage ratio as on June 30, 2019 rose to 68.6%from 60.6%at the end of first quarter last fiscal. Total business of the bank improved by 13%to ₹10.59 lakh crore at the end of June, 2019. AGENCIES
Canara Bank’s net profit up 17%
New Delhi:25.07.2019
State-owned Canara Bank on Wednesday reported a 17%rise in its standalone net profit to ₹329 crore for the first quarter ended June 30, mainly driven by reduction in bad loans. The bank had registered a net profit of ₹281.5 crore in the April-June period of 2018-19. Total income rose to ₹14,062 crore in the June quarter from ₹13,192 crore in same period a year ago, Canara Bank said in a regulatory filing. At the same time, interest income rose to ₹12,200 crore in the quarter from ₹11,359 crore in the corresponding period last fiscal. The bank’s income from other sources too improved to ₹1,867 crore from ₹1,833 crore.
During the quarter, the bank earned operating profit of ₹2,440 crore. With regard to asset quality, the bank has exhibited improvement with the gross non-performing assets (NPAs) declining to 8.7%of gross advances at the end of June 2019, as against 11%as of June 30, 2018.
Net NPA too came down to 5.35%from 6.9%. In absolute value, gross NPAs at the end of June, 2019 declined to ₹39,399 crore from ₹44,659 crore as on June 30, 2018. Net NPAs came down to ₹23,149 crore compared to ₹26,693 crore. As a result, the provisions for bad loans declined to ₹2,282 crore for the first quarter this fiscal, from ₹2,466 crore parked aside for the same period in 2017-18. Overall provisions and contingencies too eased to ₹1,899.13 crore as against ₹2,582.3 crore. Provision coverage ratio as on June 30, 2019 rose to 68.6%from 60.6%at the end of first quarter last fiscal. Total business of the bank improved by 13%to ₹10.59 lakh crore at the end of June, 2019. AGENCIES
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