Canara Bank today reported 18.80 per cent decline in its net profit at Rs. 710.51 crore for the quarter ended December 31, 2012, on account of higher provisioning for bad loans.

The state-owned bank had posted a net profit of Rs. 875.56 crore in the corresponding quarter of the previous fiscal.

Total income

Total income of the bank during the third quarter (October-December) of the current fiscal, however, rose to Rs. 9,390.29 crore from Rs. 8,574.45 crore during the same quarter last fiscal, it said in a filing to the BSE.

The bank made provisioning for bad loans and contingencies for Rs. 625.90 crore for the third quarter, up from Rs. 484.48 crore in the year-ago period.

Also, the net non-performing assets (NPAs), or bad loans, of the bank rose to 2.35 per cent as of December 31, 2012, from 1.49 per cent as of December 31, 2011.

In value-terms, the net NPAs increased to Rs. 5,134.40 crore during the quarter under review from Rs. 3,265.42 crore in the same period last year.

Segment-wise, its revenue from retail banking operations declined marginally to Rs. 2,312.87 crore during the reported quarter from Rs. 2,335.25 crore.

While, income from wholesale banking operations increased to Rs. 4,173.70 crore in the third quarter of financial year 2013 from Rs. 4,157.28 crore in the same period of financial year 2012; in treasury operations the income rose to Rs. 2,815.78 crore in the reported period against Rs. 2,052.77 crore in previous-year period.

Shares of the bank were trading at Rs. 451 each on the BSE on Friday, down 1.99 per cent from the previous close.


Canara Bank net profit drops 23 % May 10, 2012

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