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Canara Bank sees 3.17 per cent rise in gross profit

Canara Bank has witnessed a 3.17 per cent increase in its gross profit, which has sequentially gone up to Rs 260 crore from Rs 252 crore in the previous quarter.

Published: 02nd November 2017 07:35 AM  |   Last Updated: 02nd November 2017 07:35 AM   |  A+A-

By Express News Service

BENGALURU: Canara Bank has witnessed a 3.17 per cent increase in its gross profit, which has sequentially gone up to Rs 260 crore from Rs 252 crore in the previous quarter. The bank, which recently announced its financial results for the quarter ended September, (Q2 FY18), has seen a year-on-year gross profit jump of 15.84 per cent from Rs 2,141 crore to Rs 2,480 crore.

The Net NPA decreased to 7.02 per cent from 7.09 per cent as on June 2017. The bank has been able to aggregate NPA cash recovery of Rs 1,347 crore as on the quarter ended September 30, 2017.

Canara Bank also saw a considerable improvement in its e-transaction, from 59.30 per cent a year ago to 73.40 per cent. Canara Bank has as many as 65.69 lakh mobile banking and 37.37 net banking users.

A nnouncing the results, Rakesh Sharma, MD and CEO said, “Our acute focus on NPA management would continue unabated and we expect the net NPA level to decline to below 6 per cent level by the year-end.”


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