Canara Bank Q3 profit up 4-fold at Rs 322 cr

State-owned Canara Bank today reported nearly four-fold jump in net profit to Rs 321.8 crore for the third quarter of 2016-17 even though bad loans doubled.
The Bangalore-based lender had a net profit of Rs 84.9 crore for the October-December quarter of 2015-16 fiscal.
The bank's total income rose marginally to Rs 12,079.3 crore for the quarter under review, from Rs 12,050.6 crore in the year-ago period, Canara Bank said in a regulatory filing to exchanges.
The bank's gross Non Performing Assets (NPAs) or bad loans as a percentage of total advances rose to 9.97 per cent from 5.84 per cent in the same quarter a year ago.

Its net NPAs went up to 6.72 per cent from 2.42 per cent at the end of December 2015.
Gross NPAs in absolute terms rose significantly to Rs 34,338.65 crore as compared to Rs 19,813.44 crore at the end of December 2015.

However, total provisions, excluding for income tax, made during the third quarter rose marginally to Rs 1,484.57 crore as against Rs 1,428.85 crore in the year-ago period.
For the first three quarters of 2016-17, Canara Bank posted 17 per cent decline in profit at Rs 907.74 crore, as compared to Rs 1,092.67 crore in the year-ago period.
The bank's total income for the nine month period in the current fiscal stood at Rs 36,052.84 crore as compared to Rs 36,781.22 crore in the same period of previous financial year.