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26th Jul 16 Canara Bank Q1 profit tanks 52% to Rs 229 cr
As per the results of Q1FY17, Canara Bank reported a decline of 52.2 percent in its Net Profit to Rs 229 Crore. Net Interest Income of the bank declined by 8.3 percent to Rs 2,307.4 Crore in the quarter ended June 2016 from Rs 2,516.5 Crore in year-ago period due to weak loan growth. Advances declined by 0.9 percent to Rs 3.21 lakh Crore while deposits declined by 1.4 percent to Rs 4.65 lakh Crore when compared on yoy basis . Other income (non-interest income) increased by 42.4 percent to Rs 1,584.65 crore while operating profit fell 9.2 percent to Rs 1,819 Crore when compared on yearly basis. Provisions for bad loans increased sharply by 76.4 percent sequentially to Rs 1,492.92 crore but increased 9.8 percent on yearly basis. Asset quality showed sign of weaking as Gross NPA increased 31 basis points sequentially to 9.71 percent and Net NPA increased by 27 basis points to 6.69 percent in June quarter.