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Canara Bank Q3 consolidated net profit moves up to Rs 739.20 cr Canara Bank
Image: Wikimedia Commons

Canara Bank Q3 consolidated net profit moves up to Rs 739.20 cr

India Blooms News Service | @indiablooms | 27 Jan 2021, 04:02 pm

Mumbai/UNI: Public sector lender, Canara Bank has reported a rise 81.88 per cent in its consolidated net profit for the quarter ended December 31, 2020 at Rs.739.20 crore as against net profit of Rs 406.43 crore for the quarter ended December 31, 2019.

Total income for the quarter under review grew by 51.68 per cent to Rs 24490.63 crores as compared with Rs 15531.80 crores for the quarter ended December 31, 2019.

The bank's total income (consolidated) during October-December period of 2020-21 rose to Rs 24,490.63 crore from Rs 15,531.80 crore, Bank said in a filing with BSE.
On asset front, the gross non-performing assets (NPAs) of the bank fell to 7.48 per cent of the gross advances as of December 31, 2020, as against 8.40 per cent by end of December 2019.

In value terms, the gross NPAs or bad loans were of the order of Rs 49,988.56 crore as against Rs 36,860.49 crore.

Net NPAs were 2.65 per cent (Rs 16,796.15 crore), down from 5.05 per cent (Rs 21,377.86 crore).

Provisioning for bad loans and contingencies stood at Rs 4,327.34 crore for the quarter under review, higher than Rs 1,815.32 crore parked aside for year ago quarter. Of this, the provision for bad loans was of Rs 2,658.48 crore as against Rs 1,205.85 crore a year earlier, filing added.