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

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New Delhi: 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.

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