Canara Bank Q2 net up 15% at Rs 299 cr

Public sector lender Canara Bank on Wednesday posted 15% increase in net profit at Rs 299.54 crore compared with Rs 260.18 crore in the corresponding quarter of the last financial year.

The bank’s total income for the second quarter stood at Rs 12,679.06 crore, an increase of 5.7%, compared with Rs 11,994.64 crore in the same period last year.

Net interest income of the bank stood at Rs 3,281 crore compared with Rs 2,783.37 crore in the second quarter of the last fiscal.

Provision coverage

The bank’s Provision Coverage Ratio as at September 30, 2018 is 61.39%. Canara Bank’s net non-performing assets for the second quarter stood at Rs 26,777.64 crore compared with Rs 25,165.57 crore in the corresponding quarter.

The percentage of net non-performing assets stood at 6.54% compared with 7.02% in the corresponding quarter.

“Our Bank has sold 36,760 units under Priority Sector Lending Certificates (PSLCs) to the tune of Rs 9,190 crore under Agriculture and Small and Marginal Farmers category and earned commission income of Rs 86.17 crore during the quarter ended September 30, 2018,” the bank said in a BSE filing. Stocks of Canara Bank closed at Rs 261.95, up 2.20% on the BSE.