Canara Bank net up 22% in Q2

Last Updated: Thu, Nov 07, 2019 10:28 hrs
Canara Bank

Bengaluru: State-run Canara Bank on Wednesday reported Rs 365 crore standalone net profit for the second quarter (Q2) of the current fiscal (2019-20), registering 22 per cent year-on-year (YoY) growth from Rs 300 crore in the year-ago period.

Sequentially, net profit rose 11 per cent to Rs 365 crore from Rs 329 crore a quarter ago.

"Operating profit for the quarter under review (Q2) grew 9.4 per cent YoY to Rs 2,545 crore from Rs 2,327 crore in the like period a year ago and up 4.3 per cent sequentially from Rs 2,440 crore a quarter ago," the city-based bank said in a statement here.

Total income for the quarter grew 14 per cent to Rs 14,462 crore from Rs 12,672 crore a year ago and up 2.8 per cent sequentially from Rs 14,062 crore a quarter ago.

"Net interest income (NII), however, declined 4.6 per cent YoY to Rs 3,130 crore from Rs 3,281 crore a year ago and down 3.4 per cent from Rs 3,241 crore a quarter ago," the statement said.

Gross non-performing assets (NPAs) declined to Rs 38,711 crore from Rs 45,233 crore a year ago and Rs 39,399 crore a quarter ago.

Gross NPA ratios declined to 8.68 per cent from 10.56 per cent a year ago and 8.77 per cent a quarter ago.

Similarly, net NPAs declined to Rs 22,096 crore from Rs 26,778 crore a year ago and Rs 23,150 crore a quarter ago.

Net NPA ratios also declined to 5.15 per cent from 6.54 per cent a year ago and 5.35 per cent a quarter ago.

"Total business for the quarter grew 7.7 per cent YoY to Rs 10,55,653 crore from 9,80,084 crore a year ago but contracted 0.41 per cent from Rs 10,59,964 crore a quarter ago," said the bank's Chief Executive R.A. Sankara Narayanan.

Likewise, deposits grew 10.4 per cent YoY to Rs 6,09,436 crore from Rs 5,51,926 crore in the year-ago period but remained flat (0.2 per cent) sequentially from 6,10,674 crore a quarter ago.

Advances too rose 4.2 per cent YoY to Rs 4,46,217 crore from Rs 4,28,158 crore a year ago and was flat (0.7 per cent) sequentially from Rs 4,49,290 crore a quarter ago.