Canara Bank posts 28% fall in net profit at Rs 444 crore for Sept quarter

Public sector lender Canara Bank posted a 28 per cent fall in net profit at Rs 444 crore for the second quarter ended September 2020 (Q2FY21) on high provisions including one finance company account being tagged as fraud.

On a proforma basis, the bank had posted a net profit of Rs 616 crore in second quarter ended September 2019. This amount depicts performance as Syndicate Bank was integrated with it in FY19. 

Net interest income (NII) rose by 29.31 per cent to Rs 6,296 crore, while net interest margin improved to 2.82 per in Q2FY21 cent from 2.47 per cent in same