Bengaluru, Jan 28 (IANS) State-run Canara Bank on Monday reported Rs 318 crore net profit for the third quarter of fiscal 2018-19, registering a whopping 152 per cent annual growth from Rs 126 crore in the same period a year ago.
In a regulatory filing on the BSE, the city-based bank said interest earned for the quarter (Q3) under review grew 13 per cent year-on-year (YoY) to Rs 12,189 crore from Rs 10,775 crore in the like period a year ago.
Sequentially, the net profit increased 6 per cent from Rs 300 crore and interest earned 9.6 per cent from Rs 11,124 crore a quarter ago.
"Operating profit, however, declined 16.7 per cent YoY to Rs 2,357 crore in Q3 from Rs 2,831 crore a year ago but was up 1.3 per cent sequentially from Rs 2,327 crore, said the bank in the filing.
Provisions and contingencies excluding tax declined 26 per cent YoY to Rs 1,977 crore in Q3 from Rs 2,674 crore a year ago and 30 per cent down from Rs 2,835 crore a quarter ago.
"Provisions for non-performing assets (NPAs) shot up 43.8 per cent YoY to Rs 2,733 crore in Q3 from Rs 1,900 crore a year ago and 13.7 per cent from Rs 2,403 crore a quarter ago.
The gross NPAs for the quarter increased 110.7 per cent YoY to Rs 44,621 crore in Q3 from Rs 40,312 crore a year ago though declined marginally 1.4 per cent from Rs 45, 233 crore a quarter ago.
Similarly, net NPAs grew 5.1 per cent YoY to Rs 26. 591 crore in Q3 from Rs 25,295 crore but remained flat (0.7 per cent) from Rs 26,778 crore a quarter ago.
Gross NPA ratio declined to 10.25 per cent in Q3 from 10.38 per cent a year ago and 10.56 per cent sequentially a quarter ago, while Net NPA ratio also dipped to 6.37 per cent in Q3 from 6.78 per cent a year ago and 6.54 per cent a quarter ago.
"The domestic advances grew 24.6 per cent YoY and savings deposits by 11.4 per cent YoY during the quarter. As a result, net interest margin (NII) improved to 2.65 per cent from 2.39 per cent a year ago," said the bank in a statement here later.
Net Interest Income increased to Rs 3,814 crore from Rs 3,679 crore a year ago.
The bank's overall business grew 13.2 per cent YoY to reach Rs 9.93 lakh crore, with 16 per cent YoY in deposits to Rs 5.76 lakh crore and 15 per cent YoY in advances to Rs 4.17 crore.
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