Q2 result: Canara Bank's net rises 200 per cent to Rs 1,333 cr

26-10-2021

Bengaluru, Oct 26 (UNI) State-owned Canara Bank reported a 200 per cent jump in net profit to ?1,333 crore in the second quarter ended September of this fiscal against ?444 crore in the same period of the previous fiscal year.

The bank's operating profit stood at Rs 5604 crore, which grew by 21.91 per cent and treasury income grew by 95.10 per cent.

The bank's non-interest income grew by 37.54 per cent and fee-based income increased by 20.02 per cent.

The cash recovery grew by 90.32 per cent of the bank and global business by 7.61 per cent, besides the domestic business grew by 6.84 per cent.

Gross Non-Performing Assets (GNPA) ratio has been reduced to 8.42 per cent as at Sep 2021 down from 8.50 per cent as at June 2021, 8.93 per cent at March 2021.

Net Non-Performing Assets (NNPA) ratio has been reduced to 3.21 per cent as at September 2021 down from 3.46 per cent as at June 2021, 3.82 per cent as at March 2021.

Provision Coverage Ratio (PCR) stood at 82.44 per cent as at September 2021 against 81.18 per cent as at June 2021.

Loan loss provisions climbed down to 24 per cent yoy at ?2,678 crore (?3,533 crore).

Fresh slippages during the quarter increased by ?6,525 crore (?4,253 crore in the preceding quarter).

The public sector bank made higher cash recovery of ?3,002 crore (?1,598 crore in the preceding quarter).

Upgradation and write-offs amounted to ?2,671 crore (?2,292 crore) and ?1,585 crore (?2,574 crore), respectively.

Global (domestic plus overseas) gross advances grew about 6 per cent yoy to ?6,86,813 crore.