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Canara Bank posts worse-than-expected fall in second-quarter profit

Net profit fell to 2.60 billion rupees in the quarter ended September 30 from 3.57 billion rupees a year earlier, the country's eighth-biggest state-run lender by assets said on Friday. 

Published: 27th October 2017 04:36 PM  |   Last Updated: 27th October 2017 04:36 PM   |  A+A-

By Reuters

Canara Bank Ltd reported a 27 percent fall in second-quarter profit on lower interest income.

Net profit fell to 2.60 billion rupees in the quarter ended September 30 from 3.57 billion rupees a year earlier, the country's eighth-biggest state-run lender by assets said on Friday. 

Analysts, on average, had expected a net profit of 3.31 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 10.51 percent at end-September, compared with 10.56 percent a quarter earlier and 9.81 percent a year ago.

Interest earned in the quarter fell 3 percent to 100.58 billion rupees.



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