State-owned Canara Bank said on Wednesday its net profit in the April to June quarter rose 17 per cent year-on-year to Rs 329 crore due to improved asset quality and lower provisions.
It was Rs 281.5 crore in Q1 of FY19, it said in a statement.
Gross non-performing assets (NPAs) as a percentage of total advances were at 11.7 per cent in the June quarter compared to 13 per cent in the year-ago period.
Provisions fell 26.46 per cent to Rs 1,899.13 crore as against Rs 2,582.3 crore. in the year-ago quarter. In the January to March quarter, the bank had set aside Rs 5,523.5 crore in provisions.
However, net interest income -- the difference between interest earned on loans and that paid on deposits -- decreased 16.54 per cent to Rs 3,240.61 crore from Rs 3,882.9 crore in the corresponding period of last year.
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