Canara Bank net profit jumps over two times to Rs 1,333 cr in Sep qtr

Topics Canara Bank | Q2 results | Banking

State-run Canara Bank on Tuesday reported over two-fold jump in its net profit at Rs 1,332.61 crore in second quarter ended September of this fiscal.

The bank had posted net profit of Rs 444.41 crore in the same period of the previous fiscal year.

Total income of the bank also rose to Rs 21,331.49 crore during July-September period of 2021-22, as against Rs 20,793.92 crore in same period of 2020-21, Canara Bank said in a regulatory filing.

Bank's gross non-performing assets (NPAs) were a tad up at 8.42 per cent of the gross advances as of September 30, 2021, as against 8.23 per cent by end of September 2020. However, it fell sequentially from 8.50 per cent by end of June 2021 quarter.

In value terms, the gross NPAs stood at Rs 57,853.09 crore, up from Rs 53,437.92 crore.

Net NPAs (bad loans), however, fell to 3.21 per cent (Rs 20,861.99 crore) from 3.42 per cent (Rs 21,063.28 crore).

Provisions for bad loans and contingencies for the reported quarter fell to Rs 3,360.23 crore from Rs 3,974.02 crore in the same period a year ago.

On a consolidated basis, there was a net profit of Rs 1,100.59 crore in September 2021 quarter, up by over two-times from Rs 465.88 crore in year ago period.

Total consolidated income was up at Rs 23,876 crore, from Rs 22,638.26 crore.

Canara Bank stock traded 3.74 per cent down at Rs 194.40 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel