Canara Bank net profit jumps over two-fold to Rs 1,502 crore in December quarter on lower provisioning
Sequentially, the net profit was higher by 13 per cent from Rs 1,333 crore in the quarter ended September 2021.
State-owned Canara Bank on Thursday reported over two-fold jump in its net profit on a standalone basis to Rs 1,502 crore for the December 2021 quarter on the back of lower provisioning.
The bank had posted a net profit of Rs 696 crore in the year-ago quarter.
Sequentially, the net profit was higher by 13 per cent from Rs 1,333 crore in the quarter ended September 2021.
Total income, however, fell marginally to Rs 21,312 crore during the October-December period of 2021-22, against Rs 21,365 crore in the same quarter of 2020-21, Canara Bank said in a regulatory filing.
The bank’s gross non-performing assets (NPAs) or bad loans rose to 7.80 per cent of the gross advances as of December 31, 2021, from 7.46 per cent at the end of December 2020.
Net NPAs too were higher at 2.86 per cent compared to 2.64 per cent.
However, the NPAs fell sequentially from 8.42 per cent gross NPAs at the end of September 2021 and 3.21 per cent on a net basis.
The provisions for bad loans and contingencies were trimmed by the lender to Rs 2,245 crore in Q3 FY22 against Rs 4,210 crore in the year-ago quarter.
On a consolidated basis, the bank registered over a two-fold rise in its net profit in Q3 FY22 at Rs 1,631 crore compared to Rs 739 crore.
Canara Bank shares traded at Rs 233.70 apiece on BSE, up by 5.60 per cent from the previous close.