Canara Bank Q3 results: Reports consolidated net profit of Rs 739 crore

Canara Bank Q3 results: Reports consolidated net profit of Rs 739 crore

NEW DELHI: State-owned Canara Bank on Wednesday reported consolidated net profit of Rs 739.20 crore in the third quarter ended December of the current fiscal. It had earned a net profit of Rs 406.43 crore during the same period a year ago.

However, the profit of Q3FY21 is not comparable year-on-year as the latest figures are of the amalgamated entity after the merger of Syndicate Bank into Canara Bank.

The amalgamation came into effect from April 1, 2020.

The bank’s total income (consolidated) during October-December period of 2020-21 rose to Rs 24,490.63 crore from Rs 15,531.80 crore, Canara Bank said in a regulatory filing.

“Figures of December 31, 2019, and March 31, 2020, are related to standalone Canara Bank financials to pre-amalgamated period, hence, not comparable with post amalgamation financials of September 30, 2020 and December 31, 2020,” the bank said.

On asset front, the gross non-performing assets (NPAs) of the bank fell to 7.48 per cent of the gross advances as of December 31, 2020, as against 8.40 per cent by end of December 2019.

In value terms, the gross NPAs or bad loans were of the order of Rs 49,988.56 crore as against Rs 36,860.49 crore.

Net NPAs were 2.65 per cent (Rs 16,796.15 crore), down from 5.05 per cent (Rs 21,377.86 crore).

Provisioning for bad loans and contingencies stood at Rs 4,327.34 crore for the quarter under review, higher than Rs 1,815.32 crore parked aside for year ago quarter. Of this, the provision for bad loans was of Rs 2,658.48 crore as against Rs 1,205.85 crore a year earlier, the bank said.

On standalone basis, the net profit in Q3FY21 stood at Rs 696.06 crore as against Rs 329.62 crore. Total income was at Rs 21,479.86 crore, against Rs 14,001.63 crore on standalone basis.

Shares of Canara Bank traded at Rs 133.30 a piece on BSE in afternoon trade, down 0.22 per cent from their previous close.

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