Bangalore : Public sector lender Canara Bank's net profit has dropped sharply by 42.39 per cent at Rs 409.35 crore for the third quarter ended December, hit mostly by higher provisioning for bad loans.
R K Dubey, Chairman & Managing Director of Canara Bank is seen addressing the press meet flanked by A K Gupta, V S Krishna Kumar and P S Rawat, Executive Directors of the Bank
The city-headquartered bank had clocked profit after tax at Rs 710.51 crore in the October-December quarter of 2012-13. Total income of the bank increased to Rs 10,935 crore during the quarter, from Rs 9,390.29 crore in the same period a year ago, Canara Bank Executive Director P S Rawat said.
Income from the loans and advances for the quarter increased to Rs 7,360 crore with year-on-year growth of 23.5 per cent and non-interest income for the quarter stood at Rs 851 crore, Rawat said.
"Total expenses for the quarter was Rs 9,344 crore compared to Rs 7,874 crore for third quarter of FY'2013 and the operating expenses for the quarter stood at Rs 1,488 crore compared to Rs 1,317 crore for third quarter of FY 2013." The net interest income for the quarter increased to Rs 2,227 crore with 12 per cent year-on-year growth, he said.
The bank's gross NPA stood at Rs 8,074 crore, with a gross NPA ratio of 2.79 per cent compared to 2.77 per cent as in December 2012, Rawat said.
The banks net NPA stood at Rs 6,870 crore with a net NPA ratio of 2.39 per cent compared to 2.35 per cent as in December 2012, he said.
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