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Canara Bank Q1 profit surges 17% to Rs 329 crore on lower provisions, asset quality improves

Canara Bank Q1 profit surges 17% to Rs 329 crore on lower provisions, asset quality improves

State-owned Canara Bank has reported 17.08 per cent year-on-year rise in its standalone net profit at Rs 329.07 for the quarter ended June 30, 2019, helped by lower provisions and improvement in asset quality.

“The Bengaluru-headquartered public lender had posted a net profit of Rs 281.49 crore in the same quarter last year,” Canara Bank said in a filing to the Bombay Stock Exchange.

Canara Bank’s net interest income (NII), or the core income a bank earns by giving loans, declined by 16.53 per cent to Rs 3,240.61 crore in April-June quarter of FY20 as against Rs 3,882.9 crore in the same quarter last fiscal.

The other income (non-interest income), including core fee income, increased 1.58 per cent at Rs 1,861.87 crore against Rs 1,832.91 crore in the same period last year.

The provisions and contingencies of Canara Bank fell by 26 per cent to Rs 1,899.1 crore as compared to Rs 2,582.30 crore made in the year-ago quarter. The bank’s provisions in the March quarter stood at Rs 5,523.50 crore.