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  Business   Companies  27 Oct 2017  Canara Bank Q2 net profit down 27 per cent to Rs 260 crore

Canara Bank Q2 net profit down 27 per cent to Rs 260 crore

PTI
Published : Oct 27, 2017, 7:42 pm IST
Updated : Oct 27, 2017, 7:42 pm IST

Net profit for the first half of the fiscal declined to Rs 511.78 crore from Rs 585.86 crore.

Total income during July-September quarter stood at Rs 11,994.64 crore, down from Rs 12,187.12 crore in the same quarter a year ago.
 Total income during July-September quarter stood at Rs 11,994.64 crore, down from Rs 12,187.12 crore in the same quarter a year ago.

Mumbai: State-run Canara Bank's profit dropped by 27.1 per cent to Rs 260.18 crore in the second quarter of current fiscal on account of higher provisioning and decline in income. The bank had reported a net profit of Rs 357 crore in the year-ago period.

Total income during July-September quarter stood at Rs 11,994.64 crore, down from Rs 12,187.12 crore in the same quarter a year ago, Canara Bank said in a BSE filing.

 

The bank's Gross Non-Performing Assets (GNPA), as a percentage of advances, increased to 10.51 per cent from 9.81 per cent on annual basis. The net NPA too rose to 7.02 per cent from 6.69 per cent.

The provisioning against NPAs rose from Rs 1,558.37 crore in September quarter 2016-17 to Rs 1,949.81 crore in the quarter under review.

Net profit for the first half of the fiscal declined to Rs 511.78 crore from Rs 585.86 crore in the year-ago period. Its stock settled at Rs 403.75, down 4.64 per cent on BSE.

Tags: canara bank, profit, shares, revenue, npa
Location: India, Maharashtra, Mumbai (Bombay)