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PSU Canara Bank Profit Slips 87% to Rs 85 Crore in Q3, 2016

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State-run Canara Bank has reported a whopping 87% drop in net profit at Rs 84.9 Crore for the third quarter of 2015-16 on account of rise in bad loans.

The Bangalore-based lender had posted a net profit of Rs 655.9 crore for the October-December quarter of 2014-15 fiscal.

The bank's total income also fell to Rs 12,050.6 crore for the quarter under review from Rs 12,227.86 crore in the year-ago period, Canara Bank said in a regulatory filing to exchanges.

The gross NPAs as a percentage of total advances rose to 5.84% from 3.35% in the same quarter a year ago.

Its net NPAs went up to 3.90% from 2.42% at the end of December 2014.

Gross NPAs in absolute terms rose significantly to Rs 19,813.44 crore as compared to Rs 10,573.57 crore at the end of December 2014.

However, total provisions, excluding for income tax, made during the third quarter were Rs 1,428.85 crore as against Rs 841.33 crore in the year-ago period.

Operating profit declined to Rs 1,552.44 crore as against Rs 1,797.30 crore in the corresponding period.

During the first three quarters of 2015-16, Canara Bank posted 47.7% decline in profit at Rs 1,092.67 crore as compared to Rs 2,089.67 crore in the year-ago period.

The bank's total income for the nine month period in the current fiscal stood at Rs 36781.22 crore as compared to Rs 35,871.08 crore in the same period of previous financial year.


This post first appeared on Editor-manu-sharma, please read the originial post: here

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PSU Canara Bank Profit Slips 87% to Rs 85 Crore in Q3, 2016

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