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Canara Bank Q1 net up 10% to Rs 252 cr, bad loans drag

Gross bad loans as a percentage of total loans rose to 10.56% at end-June from 9.63% at March-end

Reuters 

Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions. Net profit rose to Rs 252 crore ($39.18 million) in its fiscal first quarter ended June 30, from Rs 229 crore a year earlier, the country's fifth largest state-run lender by assets said. Analysts on average had expected the Bengaluru-based bank to report a net profit of Rs 356 crore, according to Thomson Reuters data. Provisions for the quarter rose to Rs 2,204 crore from Rs 1,493 crore year ago. Gross bad loans as a percentage of total loans rose to 10.56 ...

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First Published: Wed, July 19 2017. 17:48 IST
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