Canara Bank net profit up 17 pc in Q1 FY20

Mumbai: State-owned Canara Bank said on Wednesday its net profit in the April to June quarter rose 17 percent year-on-year to Rs 329 crore due to improved asset quality and lower provisions.

It was Rs 281.5 crore in Q1 of FY19, it said in a statement.

Gross non-performing assets (NPAs) as a percentage of total advances were at 11.7 percent in the June quarter compared to 13 percent in the year-ago period.

Provisions fell 26.46 percent to Rs 1,899.13 crore as against Rs 2,582.3 crore. in the year-ago quarter. In the January to March quarter, the bank had set aside Rs 5,523.5 crore in provisions.

However, net interest income — the difference between interest earned on loans and that paid on deposits — decreased 16.54 percent to Rs 3,240.61 crore from Rs 3,882.9 crore in the corresponding period of last year.