Indian public sector lender Canara Bank reported a profit for the fourth quarter, compared with a year-ago loss, on the back of lower provisions for bad loans. Net profit was 2.14 billion rupees ($33.32 million) in the three months ended March 31, compared with a loss of 39.05 billion rupees a year earlier. (bit.ly/2qgNrGg)
Provisions more than halved to 27.09 billion rupees, the bank said on Monday.
Analysts on average had expected the Bengaluru-headquartered bank to post a net profit of 4.33 billion rupees, according to Thomson Reuters data.
Shares of the bank were up 1.25 percent at 0922 GMT. ($1 = 64.2300 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)
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Published Date: May 08, 2017 03:02 pm | Updated Date: May 08, 2017 03:02 pm