Left Menu
Development News Edition

Canara Bank Q1 profit up 23 pc at Rs 406 cr

"Figures are related to standalone Canara Bank financials for pre-amalgamation period, hence not comparable with post amalgamation financial for the quarter ended 30th June, 2020," the bank said. Canara Bank stock settled at Rs 103.15, down 1.24 per cent from previous close..

PTI | New Delhi | Updated: 05-08-2020 17:56 IST | Created: 05-08-2020 17:54 IST
Canara Bank Q1 profit up 23 pc at Rs 406 cr
Representative Image Image Credit: Pixabay

Canara Bank on Wednesday reported 23.5 per cent rise in standalone net profit at Rs 406.24 crore for June quarter 2020-21. The public sector lender logged a net profit of Rs 329.07 crore in the same quarter of the previous financial year. Canara Bank, which amalgamated Syndicate Bank into itself with effect from April 1, 2020, however, said the earning figures are not comparable as these are related to standalone financials for pre-amalgamation period.

Total income in April-June 2020-21 increased to Rs 20,685.91 crore from Rs 14,062.39 crore in the year-ago period, Canara Bank said in a regulatory filing. The bank's gross non-performing assets (NPAs) were up slightly at 8.84 per cent of the gross advances as on June 30, 2020 as against 8.77 per cent at June-end last year.

In absolute value, gross NPAs or bad loans stood at Rs 57,525.52 crore as against Rs 39,399.02 crore by the year-ago same period. Net NPA ratio, however, fell to 3.95 per cent (Rs 24,355.23 crore) from 5.35 per cent (Rs 23,149.62 crore).

Provisions and contingencies for the first quarter were raised to Rs 3,826.34 crore as compared to Rs 1,899.13 crore in the year-ago period. Of this, provisions for NPAs stood at Rs 3,549.99 crore as against Rs 2,282.70 crore a year ago. "Figures are related to standalone Canara Bank financials for pre-amalgamation period, hence not comparable with post amalgamation financial for the quarter ended 30th June, 2020," the bank said.

Canara Bank stock settled at Rs 103.15, down 1.24 per cent from previous close..


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

Gehlot asks govt depts to provide services online

Rajasthan Chief Minister Ashok Gehlot directed officials on Tuesday to make 221 public services of various government departments online by March next year. The chief secretary should coordinate with the departments concerned to speed up wo...

PM-UDAY: Conveyance deeds issued to over 1,500 applicants

Conveyance deeds or authorisation slips have been issued to 1,533 applicants under the PM-Unauthorised Colony in Delhi Awas Adhikar Yojna PMUDAY, the DDA said on Tuesday. The scheme was launched October 29, 2019 to confer ownership rights t...

Kerala Govt orders 100 per cent attendance in its offices

The Kerala government on Tuesday ordered that all Governmentoffices, includingPublic Sector Units, should function with 100 per cent attendance, strictly observing COVID-19 protocol. The order in this regard was issued by Chief Secretary Vi...

Sri Lanka Easter attack probe panel summons ex-PM Wickremesinghe, former prez Sirisena

A presidential panel probing the Easter Sunday attacks in Sri Lanka has summoned former president Maithripala Sirisena and former prime minister Ranil Wickremesinghe for giving their testimonies on the deadly terror strikes, officials said ...

Give Feedback