Canara Bank back in profit at Rs 1,011 crore on lower provisioning
Bengaluru, Karnataka: Public sector lender Canara Bank said on Tuesday its net profit stood at Rs 1,011 crore in the January to March quarter (Q4 FY21) against a loss of Rs 3,259 crore in the year-ago period. Net interest income moved up to Rs 5,589 crore against Rs 3,319 crore in Q4 FY20. Operating profit increased to Rs 5,702 crore in Q4 FY21 from Rs 2,041 crore in Q4 FY20. At the same time, provisioning declined to Rs 4,686 crore for the quarter ended March as compared to Rs 8,979 crore in the year-ago period.
The bank's asset quality deteriorated with gross non-performing assets (NPAs) as a percentage of total advances at 8.93 per cent compared with 7.46 per cent in the previous quarter and 8.21 per cent in Q4 FY20.. Gross NPAs stood at Rs 60,288 crore and net NPAs came in at 3.82 per cent. After amalgamation of Syndicate Bank on April 1 last year, Canara Bank has attained the position of fourth largest public sector bank in the country with a total business of Rs 16.86 lakh crore.