Canara Bank has posted a net profit of Rs 1,052.58 crore for the third quarter of this financial year, up 50 per cent from Rs 702 crore recorded during the corresponding quarter of last year due to increase in Net Interest Income, decline in cost of deposits and with no increase in operating costs.
Besides, the bank's provisions and contingencies came down 52.5 per cent to Rs 167.41 crore (Rs 352.57 crore).
The bank's net interest income rose 18.8 per cent to Rs 1,478 crore (Rs 1,244 crore) despite the yield on advances slipping to 10 per cent (10.69 per cent). The cost of deposits stood at 6.25 per cent (6.81 per cent).
Significantly, the bank's total income and other income have grown at 1 per cent and 3.1 per cent respectively in the backdrop of its treasury profit coming down from Rs.344 crore to Rs.294 crore this year.
With regard to NPAs, the provision coverage ratio was at 74.4 per cent, which is well above the stipulated 70 per cent. The bank's capital adequacy ratio stood at 14.44 per cent.
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