Canara Bank Q2 results: Net profit jumps over two times to ₹1,333 cr
PremiumNPAs were a tad up at 8.42% of the gross advances as of September 30, 2021, as against 8.23% by end of September 2020
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State-run Canara Bank on Tuesday reported over two-fold jump in its net profit at ₹1,332.61 crore in second quarter ended 30 September, 2021. The bank had posted a net profit of ₹444.41 crore in the year-ago period.
Total income of the bank also rose to ₹21,331.49 crore during July-September period of 2021-22, as against ₹20,793.92 crore in same period of 2020-21, Canara Bank said in a regulatory filing.
Bank's gross non-performing assets (NPAs) were a tad up at 8.42 per cent of the gross advances as of September 30, 2021, as against 8.23 per cent by end of September 2020. However, it fell sequentially from 8.50 per cent by end of June 2021 quarter.
In value terms, the gross NPAs stood at ₹57,853.09 crore, up from ₹53,437.92 crore.
Net NPAs (bad loans), however, fell to 3.21 per cent ( ₹20,861.99 crore) from 3.42 per cent ( ₹21,063.28 crore).
Provisions for bad loans and contingencies for the reported quarter fell to ₹3,360.23 crore from ₹3,974.02 crore in the same period a year ago.
On a consolidated basis, there was a net profit of ₹1,100.59 crore in September 2021 quarter, up by over two-times from ₹465.88 crore in year ago period.
Total consolidated income was up at ₹23,876 crore, from ₹22,638.26 crore.
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Canara Bank stock traded 3.74 per cent down at ₹194.40 apiece on BSE.
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