Canara Bank Q1 net profit up 12% at Rs 281 cr

Public sector lender Canara Bank today reported a 11.87 per cent rise in its net profit to Rs 281.49 crore in the first quarter ended June 30.

The bank had registered a net profit of Rs 251.60 crore in the corresponding April-June period of 2017-18.

Total income of the lender rose to Rs 13,192.46 crore in the June quarter from Rs 12,304.10 crore in same period a year ago, Canara Bank said in a regulatory filing.

Interest income rose to Rs 11,359.55 crore in June 2018-19 from 10,195.59 crore in the corresponding period last fiscal.

The bank's income from other sources, however, slipped to Rs 1,832.91 crore from Rs 2,108.51 crore.

In asset quality terms, the gross non-performing assets (NPAs) increased to 11.05 per cent of gross advances at the end of June 2018, as against 10.56 per cent as of June 30, 2017.

Net NPA, however, came down to 6.91 per cent from 7.09 per cent.

In absolute value, gross NPAs at the end of June, 2018 stood at Rs 44,659.56 crore from Rs 37,657.76 crore as on June 30, 2017. Net NPAs were Rs 26,693.50 crore compared to Rs 24,300.63 crore.

The provisions for bad loans also increased to Rs 2,466.20 crore for the first quarter of this fiscal, up from Rs 2,270 crore parked aside for the same period in 2017-18.

Overall provisions and contingencies too increased to Rs 2,582.30 crore as against Rs 2,203.78 crore.

Provision coverage ratio as on June 30, 2018 stood at 60.69 per cent.

Shares of Canara Bank closed 1.78 per cent up at Rs 257.60 apiece on BSE.