Rs 1,051 cr Bad Loan Provisioning Drags Canara Bank Net - The New Indian Express

Rs 1,051 cr Bad Loan Provisioning Drags Canara Bank Net

Published: 01st February 2014 06:00 AM

Last Updated: 01st February 2014 01:36 AM

Canara Bank on Friday reported a decline in net profit by 42 per cent at Rs 409 crore in third quarter compared to the same period in the previous fiscal. Total income increased by 16.5 per cent year on year to Rs 10,935 crore from Rs 9,390 crore in the previous fiscal.

In the third quarter, the bank provisioned Rs 1,051 crore for bad loans as against Rs 626 crore provisioned for the same period last year.

Recovery for the quarter was at Rs 1,212 crore with the total cumulative recovery at Rs 3,135 crore as compared to Rs 2,477 crore for the first three quarters of 2012-13.

Net interest income rose to Rs 2,227 crore, up by 12 per cent year on year with an 88 per cent yoy growth in recovery from written off accounts at Rs 314 crore.

Net NPA rose marginally to 2.39 per cent in the third quarter from 2.35 per cent in the previous fiscal. Shares for the bank on the Bombay Stock Exchange closed at Rs 221.30, up by 2.43 per cent from the previous close of Rs 216.05.

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