Canara Bank reports whopping 152 pct rise in net profit during Q3

State-run Canara Bank on Monday reported Rs 318 crore net profit for the third quarter of fiscal 2018-19, registering a whopping 152 per cent annual growth from Rs 126 crore in the same period a year ago. In a regulatory filing on the BSE, the city-based bank said interest earned for the quarter (Q3) under review grew 13 per cent year-on-year (YoY) to Rs 12,189 crore from Rs 10,775 crore in the like period a year ago.

Sequentially, the net profit increased 6 per cent from Rs 300 crore and interest 9.6 per cent from Rs 11,124 crore a quarter ago. "Operating profit, however, declined 16.7 per cent YoY to Rs 2,357 crore from Rs 2,831 crore a year ago but 1.3 per cent sequentially from Rs 2,327 crore, said the bank in the filing.

Provisions and contingencies excluding tax declined 26 per cent YoY to Rs 1,977 crore from Rs 2674 crore a year ago and 30 per cent down from Rs 2,835 crore a quarter ago. "Provisions for non-performing assets (NPAs) shot up 43.8 per cent YoY to Rs 2,733 crore from Rs 1,900 crore a year ago 13.7 per cent from Rs 2,403 crore a quarter ago.