Provisions for the quarter ended June stood at Rs 1,899.1 crore, declined by 66 percent compared to March quarter and fell by 26 percent from year-ago period
Canara Bank has reported a 17 percent year-on-year growth in June quarter profit on lower provisions, with improvement in asset quality on sequentially.
Profit for the quarter at Rs 329.1 crore increased from Rs 281.5 crore in same period last fiscal.
However, net interest income in June quarter fell 16.6 percent to Rs 3,240.1 crore year-on-year but loan growth was 12 percent at Rs 4.32 lakh crore YoY while deposits grew 14.5 percent to Rs 6.1 lakh crore YoY.
Asset quality showed improvement sequentially with gross non-performing assets as a percentage of gross advances falling 6bps QoQ to 8.77 percent and net NPA declining 2bps to 5.35 percent in Q1.
Provisions for the quarter ended June stood at Rs 1,899.1 crore, declined by 66 percent compared to March quarter and fell by 26 percent from year-ago period.
Other income (non-interest income) increased marginally by 1.6 percent year-on-year to Rs 1,862 crore while operating profit fell 17 percent to Rs 2,440 crore in Q1 YoY.
The stock closed at Rs 248.65, down Rs 7.60, or 2.97 percent on the BSE.
