Provisions against bad loans went up nearly 49% quarter-on-quarter to Rs626 crore in October-December quarter
Public sector lender Canara Bank’s third quarter net profit dropped 19% year-on-year to Rs710.5 crore, due to higher provisions. Net profit in the previous corresponding period was Rs875.6 crore.
Net interest income increased marginally to Rs1,988 crore from Rs1,918.5 crore during the same period.
Provisions against bad loans went up nearly 49% quarter-on-quarter to Rs626 crore in October-December quarter.
Gross non-performing asset (NPA) rose by 19 basis points q-o-q to 2.77% while net NPA moved up by 23 basis points q-o-q to 2.35% in the third quarter.
Capital adequacy ratio fell by 43 basis points q-o-q at 12.64% in December quarter. Net interest margin stood at 2.36% for the quarter.
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