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Canara Bank posts worse-than-expected fall in Q2 profit at Rs 260 crore

Analysts, on average, had expected a net profit of Rs 331 crore: Thomson Reuters data

Reuters 

A rickshaw puller passes the Canara Bank branch in the old quarters of Delhi. Photo: Reuters
A rickshaw puller passes the Canara Bank branch in the old quarters of Delhi. Photo: Reuters

Ltd reported a 27 percent fall in second-quarter profit on lower interest income. Net profit fell to Rs 260 crore in the quarter ended Sept 30 from Rs 357 crore a year earlier, the country's eighth-biggest state-run lender by assets said on Friday. Analysts, on average, had expected a net profit of Rs 331 crore, according to Thomson Reuters data. Gross bad loans as a percentage of total loans stood at 10.51 percent at end-September, compared with 10.56 percent a quarter earlier and 9.81 percent a year ago. Interest earned in the quarter fell 3 percent to Rs 10,058 crore.

First Published: Fri, October 27 2017. 16:38 IST
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