Public sector lender Canara Bank's net profit for first quarter ended June 2015 declined by 40.7% to Rs 478 crore on sharp rise in provisions and contingencies.
It had posted net profit of Rs 806 crore in April-June 2014 (Q1 FY15).
Its stock was trading flat at Rs 307 on the Bombay Stock Exchange.
Its net interest income (NII) for the reporting quarter rose by 3.5% to Rs 2,516 crore over NII of Rs 2,430 crore in Q1 of FY15.
The other income comprising fees, commissions and earnings from treasury grew by 8.4% to Rs 1,112 crore as against Rs 1,026 crore.
The provisions and contingencies for quarter rose by 72.46% Rs 1,359 crore compared to Rs 788 crore in Q1 of FY15.
Its gross non-performing assets stood at 3.98% (Rs 13,080 crore) in June 2015, up from 2.67% (Rs 8,159 crore) a year ago.
Its capital adequacy (Basel III) was 10.75% in June 2015, as against 10.23% in June 2014.
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