New Delhi: State-run lender Canara Bank today reported 52.1 per cent decline in net profit at Rs 228.9 crore in the first quarter ended June as it parked a higher share towards contingencies for bad loans.
The Bengaluru-headquartered bank's net profit in same quarter of the previous fiscal stood at Rs 478.84 crore, Canara Bank said in a regulatory filing to BSE.
The bank's provisions and contingencies rose to Rs 1,492.92 crore in the April-June quarter from Rs 1,359.73 crore in the same period a year ago.
Total income during the quarter under review declined to Rs 11,786.3 crore, from Rs 12,252.64 crore a year ago. Bank's asset quality deteriorated further as gross non-performing assets (NPAs) or bad loans stood at 9.71 per cent of gross advances in the first quarter of 2016-17 against 3.98 per cent in the same period of FY2015-16.
Net NPAs too slipped to 6.69 per cent of net advances as against 2.74 per cent a year ago.
However, shares of Canara Bank closed at 253.70 per unit up 5.31 per cent on the BSE.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jul 25, 2016 17:00:18 IST