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Business EconomyPosted at: Aug 5 2020 9:10PM


Canara Bank Q1 net rises by 23.46 pc to Rs. 406.24

Mumbai, Aug 5 (UNI) Public sector lender Canara Bank reported a rise of 23.46 pc in its net profit for the quarter ended June 30 , 2020 at Rs.406.24 crores as against net profit of Rs.329.07 crores for the quarter ended June 30, 2019.
Canara Bank, which amalgamated Syndicate Bank into itself with effect from April 1, 2020, however, said the earning figures are not comparable as these are related to standalone financials for pre-amalgamation period.
Total income for the quarter under review grew by 47.10 pc to Rs.20685.91 crores as compared to Rs.14062.39 crores during the quarter ended June 30, 2019.
The amount of gross non-performing assets as of June 30, 2020 was at Rs.57525.52 crore as compared to Rs. 39399.02 crore as of June 30, 2019.
The amount of net non-performing assets as of June 30, 2020 was at Rs. 24355.23 crore as compared to Rs. 23149.62 crore as of June 30, 2019.
The Percentage of gross NPAs was at 8.84 pc as of June 30, 2020 as against 8.77 pc as of June 30, 2019.
The percentage of net NPAs was at 3.95 pc as of June 30, 2020 as compared to 5.35 PC as of June 30, 2019.
Provisions and contingencies for the first quarter were raised to Rs 3,826.34 crore as compared to Rs 1,899.13 crore in the year-ago period.
Provisions for NPAs stood at Rs 3,549.99 crore as against Rs 2,282.70 crore a year ago.
"Figures are related to standalone Canara Bank financials for pre-amalgamation period, hence not comparable with post amalgamation financial for the quarter ended June 30, 2020," the bank said.
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