Canara Bank Q3 net profit falls 42.39% to Rs 409 cr

 Canara Bank on Friday reported 42.39 per cent fall in its net profit at Rs 409.35 crore for the third quarter ended December 2013 (Q3), mainly by higher provisioning for bad loans.

The public sector lender’s net profit was Rs 710.51 crore in the third quarter ended December 2012.

Net interest income in Q3 was Rs 2,227 crore, growth of 12 per cent year-on-year growth, according to the bank’s statement.

Total income stood at Rs 10,935 crore, up from Rs 9,390.29 crore in the corresponding period of the previous financial year.

Net non-performing assets (NPAs) as a percentage of total advances stood at 2.39 per cent, up from 2.35 per cent in the third quarter ended December 2012, the statement said. Total provision for bad loans in Q3 was at Rs 1,182 crore.

The bank registered  cash recovery at Rs 3,135 crore compared to Rs 2,477 crore as in December 2012.

Total deposits stood at Rs 4.09 lakh crore, up 26.2 per cent YoY and advances were Rs 2.88 lakh crore, up by 31.8 per cent YoY.

Capital adequacy ratio was 9.83 per cent as on December 31, 2013. Credit-deposit ratio was 70.36 per cent.

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