Canara Bank net profit up 72 percent in second quarter
Bangalore, Oct 26 (IANS) State-run Canara Bank posted a net profit of Rs.910 crore for the second quarter this fiscal, registering a whopping 72 percent growth over the like period last fiscal at Rs.529 crore.
In a regulatory filing Monday, the country’s third largest bank said its total income for the quarter under review was Rs.5,602 crore as against Rs.4,448 crore for the same quarter last year, posting 26 percent growth.
Though interest income increased modestly by 14.6 percent to Rs.4,709 crore from Rs.4,109 crore, other income grew exponentially by 163 percent to Rs.893 crore from Rs.339 crore.
Operating profit during the quarter has also shot up by 83 percent to Rs.1,419 crore from Rs.773 crore in the like quarter last fiscal, while operating expenses grew marginally to Rs.787 crore from Rs.714 crore.
The bank’s return on assets increased marginally to 1.63 percent from 1.13 percent, while capital adequacy ratio went up to 14.46 percent from 13.21 percent a year ago.
Net non-performing assets (NPA), however, increased to 1.16 percent from 0.89 percent. Similarly, gross NPA increased marginally to 1.6 percent from 1.2 percent.
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