Canara Bank Q1 net rises marginally to Rs 792 crore

Total income rises 14.6% to Rs 10,518 crore

Canara Bank, the Bangalore-based public sector lender, on Saturday reported a marginal rise of 2.2% in net profit to Rs 792 crore for the first quarter ended June 30, 2013. Its total income for the quarter went up 14.6% to Rs 10,508 crore compared to Rs 9,165 crore in the same period last year.

The operating profit for the quarter went up 36% to Rs 1,898 crore as against Rs 1,394 crore in a year ago period.

The net profit took a hit mainly due to a 2.2 times rise in provisions and contingencies during the quarter. The bank provided Rs 916 crore as against Rs 418 crore in the year ago quarter.

The capital adequacy ratio under Basel-III stood at 11.35%. Its return on assets declined to 0.75% from 0.83% in the first quarter last year.

The percentage of net non-performing assets increased to 2.48% as against 1.66% last year.