Canara Bank reports Q4 net profit flat at Rs 613 crore

Canara Bank today reported an almost flat growth in net profit at Rs 613 crore during the fourth quarter of the 2014-15 fiscal as against Rs 611 crore in the same period last year, owing to rise in NPAs.
Total income increased to Rs 12,429 crore with year-on-year growth of 7.1 per cent in the quarter ended March 31, 2015, from Rs 11,609.72 crore in the same period last fiscal, Canara Bank Executive Director P S Rawat told reporters here.
"The bank saw fresh slippage of Rs 2,804 crore during the fourth quarter ended March 2015. The bank witnessed stress in large industries sectors like power, roads, steel and iron and ore and textile," Rawat said.

Gross NPAs as a percentage of total advances rose to 3.89 per cent during the quarter under review from 2.49 per cent in the same quarter a year ago, Rawat said.
Net NPAs went up to 2.65 per cent from 1.98 per cent, he added.
Rawat said net profit rose to up to 11 per cent y-o-y to Rs 2,703 crore from Rs 2,438 crore in the previous year.

He said total income increased by 11.1 per cent to Rs 48,300 crore during the year ended March 31, 2015 from Rs 43,480.37 crore during the year ended March 31, 2014.

"The working results for the quarter ended March 31, 2015 have been arrived at after considering provision for loan losses in accordance with the extant guidelines and directions of RBI...," Rawat added.
The Board has recommended final dividend of 105 per cent (Rs 10.50 per share) for the year ended March 31, 2015 and no interim dividend declared during the Financial Year 2014-15, Rawat said.
The bank has alloted 1,39,38,134 equity shares of face value of Rs 10 each at a premium of Rs 398.95 per equity share to government of India on preferential basis on March 31, 2015 for a total consideration of Rs 569.99 crore, he added.