Canara Bank posts Rs 552-crore loss in Q4

Views: 48

Bengaluru, May 10 (IANS) State-run major Canara Bank on Friday reported a lower Rs 552-crore standalone net loss for the fourth quarter (January-April) of the fiscal 2018-19 as compared to Rs 4,860-crore net loss in the same period a year ago.

The bank had reported Rs 318-crore standalone profit for the previous, or third quarter (October-December).

In a regulatory filing on the BSE, the city-based bank said the standalone total income for the quarter (Q4) under review increased 21 per cent annually to Rs 14,000 crore, from Rs 11,555 crore in the same period a year ago, and 3.6 per cent sequentially from Rs 13,513 crore a quarter ago.

“Interest earned for the quarter increased 18.7 per cent annually to Rs 12,139 crore from Rs 10,223 crore in the like period a year ago but remained flat sequentially from Rs 12,189 crore a quarter ago,” said the filing.

ALSO READ:   Controversial Egyptian bust auctioned for Rs 41 crore

Operating profit for the quarter shot up 69 per cent annually to Rs 2,974 crore from Rs 1,765 crore a year ago and 26 per cent sequentially from Rs 2,357 crore a quarter ago.

Provisioning for the non-performing assets (NPAs) declined 42 per cent annually to Rs 5,121 crore for the quarter from Rs 8,763 crore a year ago but zoomed 87 per cent sequentially from Rs 2,733 crore a quarter ago.

Gross NPAs declined a whopping 94 per cent annually to Rs 39,224 crore for the quarter from Rs 47,469 crore a year ago and 12 per cent sequentially from Rs 44,621 crore a quarter ago.

Net NPAs also declined 20 per cent annually to Rs 22,955 crore from Rs 28,542 crore a year ago and 14 per cent sequentially from Rs 26,591 crore.

ALSO READ:   BJP eyeing 1 crore membership from West Bengal

Percentage of gross NPAs declined to 8.83 for the quarter from 11.84 a year ago and 10.25 a quarter ago.

Likewise, percentage of net NPAs also declined to 5.37 for the quarter from 7.48 year ago and 6.37 a quarter ago.

For the fiscal 2018-19 under review, net profit declined a whopping 92 per cent year-on-year (YoY) to Rs 347 crore from Rs 4,222 crore in the fiscal 2017-18.

Total income increased 11 per cent YoY to Rs 53,385 crore from Rs 48,195 crore a year ago, while interest earned grew 14 per cent YoY to Rs 46,810 crore from Rs 41,252 crore a year ago.

Operating profit for the fiscal grew 11 per cent YoY to Rs 10,591 crore from Rs 9,548 crore a year ago.

ALSO READ:   SAT stays SEBI's order barring NDTV promoters from key posts

Provisioning for NPAs declined 15 per cent YoY to Rs 12,723 crore from Rs 14,883 crore a year ago.

Gross NPAs also declined 17 per cent YoY to Rs 39,224 crore from Rs 47,469 crore a year ago.

Net NPAs too declined 20 per cent YoY to Rs 22,955 crore from Rs 28,542 crore a year ago.

Percentage of gross NPAs declined to 8.83 for the fiscal under review (2018-19) from 11.84 a year ago.

Percentage of net NPAs also declined to 5.37 per cent for 2018-10 from 7.48 a year ago.

The bank’s scrip of Rs 10 face value gained Rs 8.25 per share to close at Rs 265.45 at the end of Friday’s trading on the BSE from Thursday’s closing rate of Rs 257.20 and opening price of Rs 259.

–IANS

fb/nir

Comments: 0

Your email address will not be published. Required fields are marked with *