 "Canara Bank Q1 net up 10% to Rs 252 cr, bad loans drag")
Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.
Net profit rose to Rs 252 crore ($39.18 million) in its fiscal first quarter ended June 30, from Rs 229 crore a year earlier, the country's fifth largest state-run lender by assets said.
Analysts on average had expected the Bengaluru-based bank to report a net profit of Rs 356 crore, according to Thomson Reuters data.
Provisions for the quarter rose to Rs 2,204 crore from Rs 1,493 crore year ago.
Gross bad loans as a percentage of total loans rose to 10.56 per cent at end-June from 9.63 percent at March-end.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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