Canara Bank posts fourth-quarter profit on lower bad loan provisions

The bank reported a March quarter net profit of Rs 214 crore

Public sector lender Canara Bank on Monday posted a profit of Rs 214 crore for the March quarter of last fiscal as it managed to rein in non-performing assets.

In comparison, the bank had registered a loss of Rs 3,905 crore for the fourth quarter of the previous fiscal, 2015-16.

Its total income during the January-March quarter of 2016-17 rose to Rs 12,889 crore, as against Rs 12,116.14 crore in the same period a year ago, Canara Bank said in a regulatory filing.

Bank's gross bad loans or non-performing assets (NPAs) during the quarter under review rose marginally to 9.63% as against 9.4% in the same year-ago period.

The gross NPAs, in terms of amount, were at Rs 34,202 crore, up from Rs 31,637.83 crore in the year-ago period.

Net NPAs at 6.33% showed a slight decline as against 6.42% a year ago.

For the entire financial year 2016-17, the bank posted a profit of Rs 1,122 crore as against a loss of 2,812.82 in the previous fiscal.

Further, the Canara Bank said the Board of Directors at its meeting held on Monday has recommended a 10% dividend for the year 2016-17.