Canara Bank profit rises by 60%, Central Bank net grows twofold

Canara Bank’s net profit for the third quarter rose 60 per cent to Rs 656 crore on tidy earnings from treasury, recoveries and control on expenses.

The Bengaluru-based public sector bank posted a seven per cent growth in net interest income at Rs 2,380 crore.

Its net interest margin increased to 2.24 per cent up from 2.21 per cent in the same period of 2013. Non-interest income rose 38 per cent to Rs 1,176 crore. Total deposits grew 13 per cent to Rs 4.62-lakh-crore. The pace of growth in advances moderated at 8.5 per cent to Rs 3.12-lakh-crore.

Its gross non-performing assets (NPA) ratio was 3.35 per cent and net NPA ratio was 2.42 per cent. Its capital adequacy ratio stood at 9.87 per cent with a Tier-I ratio of 7.23 per cent.

Mumbai-based Central Bank of India’s net profit jumped more than twofold to Rs 137.7 crore in the quarter ended December. The lender had posted net profit of Rs 61.5 crore in Q3 of FY14. Total income increased to Rs 7,033 crore from Rs 6,708 crore in December 2013, year-on-year growth of 4.84 per cent. The bank’s interest income grew 2.68 per cent to Rs 6,524 crore in the third quarter of FY15.

Central Bank of India trimmed its bad assets in terms of net and gross calculations.

The gross NPAs stood at 6.2 per cent as against 6.4 per cent in December 2013. Net NPAs were 3.58 per cent, down from 3.69 per cent last year.