Bengaluru, Nov 6 (SocialNews.XYZ) State-run Canara Bank on Wednesday reported Rs 365 crore standalone net profit for the second quarter (Q2) of the current fiscal (2019-20), registering 22 per cent year-on-year (YoY) growth from Rs 300 crore in the year-ago period.
Sequentially, net profit rose 11 per cent to Rs 365 crore from Rs 329 crore a quarter ago.
"Operating profit for the quarter under review (Q2) grew 9.4 per cent YoY to Rs 2,545 crore from Rs 2,327 crore in the like period a year ago and up 4.3 per cent sequentially from Rs 2,440 crore a quarter ago," the city-based bank said in a statement here.
Total income for the quarter grew 14 per cent to Rs 14,462 crore from Rs 12,672 crore a year ago and up 2.8 per cent sequentially from Rs 14,062 crore a quarter ago.
"Net interest income (NII), however, declined 4.6 per cent YoY to Rs 3,130 crore from Rs 3,281 crore a year ago and down 3.4 per cent from Rs 3,241 crore a quarter ago," the statement said.
Gross non-performing assets (NPAs) declined to Rs 38,711 crore from Rs 45,233 crore a year ago and Rs 39,399 crore a quarter ago.
Gross NPA ratios declined to 8.68 per cent from 10.56 per cent a year ago and 8.77 per cent a quarter ago.
Similarly, net NPAs declined to Rs 22,096 crore from Rs 26,778 crore a year ago and Rs 23,150 crore a quarter ago.
Net NPA ratios also declined to 5.15 per cent from 6.54 per cent a year ago and 5.35 per cent a quarter ago.
"Total business for the quarter grew 7.7 per cent YoY to Rs 10,55,653 crore from 9,80,084 crore a year ago but contracted 0.41 per cent from Rs 10,59,964 crore a quarter ago," said the bank's Chief Executive R.A. Sankara Narayanan.
Likewise, deposits grew 10.4 per cent YoY to Rs 6,09,436 crore from Rs 5,51,926 crore in the year-ago period but remained flat (0.2 per cent) sequentially from 6,10,674 crore a quarter ago.
Advances too rose 4.2 per cent YoY to Rs 4,46,217 crore from Rs 4,28,158 crore a year ago and was flat (0.7 per cent) sequentially from Rs 4,49,290 crore a quarter ago.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz