Canara Bank net up 12% in Q1

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Bengaluru, July 25 (IANS) State-run Canara Bank posted Rs 282 crore net profit for the first quarter of fiscal 2018-19, registering 12 per cent annual growth from Rs 252 crore in the same period year ago.

The city-based bank also returned to black from a Rs 4,860 crore loss posted in the previous quarter, the last quarter of 2017-18.

“Operating profit for the quarter (Q1) under review grew 19 per cent annually to Rs 2,933 crore from Rs 2,472 crore in the like period year ago and 66 per cent sequentially from Rs 1,765 crore quarter ago,” said the bank in a regulatory filing on the BSE.

Total income grew 7 per cent annually to Rs 13,193 crore from Rs 12,304 crore year ago and 14 per cent sequentially from Rs 11,555 crore last quarter.

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“Provisions and contingencies for the quarter also increased 17 per cent annually to Rs 2,582 crore from Rs 2,204 crore year ago but declined 72 per cent from Rs 9,075 crore quarter ago,” it said in the filing.

Provisioning for non-performed assets (NPA) also increased 9 per cent annually to Rs 2,466 crore from Rs 2,270 crore but declined a whopping 72 per cent sequentially from Rs 8,763 crore quarter ago.

Gross NPAs increased 19 per cent annually to Rs 44,660 crore from Rs 37,658 crore year ago but declined 5.9 per cent sequentially from Rs 47,469 crore.

Net NPAs too grew 9.8 per cent annually to Rs 26,694 crore from Rs 24,300 crore year ago but declined 6.5 per cent sequentially from Rs 28,572 crore quarter ago.

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The company’s scrip of Rs 10 face value ended at Rs 258.90, gaining Rs 5.80 per share on the BSE from Tuesday’s closing rate of Rs 253.10 and opening price of Rs 253.40.

–IANS

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