JOIN USA 49 per cent increase in provisioning for bad loans in the fourth quarter (Q4) of FY2013 pulled net profit of public sector lender Canara Bank by 12.51 per cent at Rs 725.38 crore as compared to Rs 829.09 crore for the quarter ended March 31, 2012, despite 31 per cent rise in other income at Rs 1,006.52 crore.
The Q4 provisioning stood at Rs 752.35 crore, as against Rs 461.61 crore in the corresponding period of FY2012. Another factor that led to the decline was income from wholesale banking operations in Q4 that was down 50 per cent to Rs 365.20 crore (YoY).
Total income was Rs 9,472 crore in Q4 compared to Rs 9,037 crore in the corresponding period in FY2012.
The Bangalore-based bank’s net interest income for Q4 was Rs 2,090.61 crore, up 2.47 per cent (YoY). Net interest margin was 2.39 per cent and CASA ratio remained unchanged at 25.12 per cent.
For FY2013, its net profit was Rs 2,872.10 crore, down 12.51 per cent from Rs 3,282.71 crore in FY2012.
Capital adequacy ratio was down to 12.74 per cent and net non-performing assets (NPAs) stood at 2.18 per cent as on March 31, 2013, an increase of 49 per cent (YoY).
Deposits as on March 31, 2013 stood at Rs 355,856 crore, and advances Rs 242,177 crore. The bank retired bulk deposits to the tune of Rs 74,500 crore in FY2013.