Canara Bank net up 15.4% in Q2

Bengaluru, Oct 31 (IANS) State-run Canara Bank on Wednesday reported Rs 300-crore net profit, registering 15.4 per cent annual growth for second quarter of fiscal 2018-19 from Rs 260 crore in the same period year ago.

Sequentially, too, net profit rose 6.4 per cent from Rs 282 crore a quarter ago.

In a regulatory filing, the city-based bank said total income for the quarter (Q2) under review grew 5.7 per cent to Rs 12,679 crore from Rs 11,995 crore in the like period year ago, but declined 3.9 per cent sequentially from Rs 13,193 crore a quarter ago.

Operating profit, however, declined 6.2 per cent annually to Rs 2,327 crore from Rs 2,480 crore and 21 per cent sequentially from Rs 2,933 crore a quarter ago.

Provisioning for bad loans shot up 31.4 per cent annual to Rs 2,835 crore from Rs 2,157 crore in the same period year ago and 10 per cent sequentially from Rs 2,582 crore a quarter ago.

Provisioning for NPA (non-performing assets) also increased 23 per cent annually to Rs 2,403 crore from Rs 1,950 crore but declined 2.6 per cent from Rs 2,466 crore.

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