19 Jan 2020 | 5:08 AM

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COMPANYNEWS
Canara Bank Q2 net profit up 21.83% at Rs 364.92 cr
  Canara Bank | 17 Jan 2020 | 10:51 AM
Published on 11-06-2019
The bank reported standalone net profit of Rs 364.92 crore for the quarter ended September 30 2019 as compared to Rs 299.54 crore in the same period last year registering a year-on-year growth of 21.83 per cent.


Interest income of the bank rose by 11.40 per cent at Rs 12392.14 crore for the quarter ended September 30 2019 as against Rs 11123.75 crore in the corresponding period last year.


During the July-September quarter total income rose moderately by 14.06 per cent to Rs 14461.73 crore from Rs 12679.06 crore in the year ago period.


Meanwhile operating expenses increased by 15.12 per cent to Rs 11917.12 crore from Rs 10351.68 crore in the same period last year.


Operating profit surged 9.33 per cent to Rs 2544.61 crore from Rs. 2327.38 crore.


Provisions and Contingencies slipped by 28.12 per cent at Rs 2037.97 crore from Rs 2835.14 crore a year ago.


NII the difference between interest earned on loans and interest paid on deposits slipped by 4.62 per cent at Rs 3129.76 crore versus Rs 3281.27 crore in the year ago period. Non-interest income rose 33.07 per cent year-on-year to Rs 2069.59 crore.


On the asset side gross non- performing assets (NPAs) fell to 8.68 per cent of the gross advances as at the end of September 30 2019 from a level of 10.56 per cent year earlier. Its net NPAs or bad loans too declined to 5.15 per cent of net advances on September 30 2019 from 6.54 per cent a year ago.