(Reuters) - India's Canara Bank Ltd reported a 15.1 percent rise in second-quarter net profit on Wednesday, helped by a tax write-back.
Net profit came in at 3 billion rupees ($40.56 million) for the three months ended Sept. 30, compared with a profit of 2.60 billion rupees a year ago, helped by a tax gain of 8.07 billion rupees.
Analysts had expected a loss of 1.16 billion rupees, according to Refinitiv data.
However, provisions for the quarter surged 31.5 percent to 28.35 billion rupees, as the lender set aside more funds for bad loans, the bank said https://www.bseindia.com/xml-data/corpfiling/AttachLive/55c5f659-e440-4575-8e88-8142979f2589.pdf.
Asset quality improved, with gross bad loans as a percentage of total loans dropping to 10.56 percent at end-Sept, compared with 11.05 percent in the previous quarter. This was still higher than 10.51 percent in the same period a year ago.
($1 = 73.9650 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Vyas Mohan)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
