Canara Bank posts 3.8 pc growth in Q3 net profit at Rs 330 crore

Bengaluru: Government-owned Canara Bank said on Thursday its standalone net profit rose by 3.81 percent to Rs 330 crore in the third quarter ending December (Q3 FY20) as net non-performing assets (NPAs) came down from 10.25 percent to 8.36 percent.

While asset quality improved relatively, total income rose by 3.6 percent Rs 14,002 crore in the year-on period. But tax expense surged by more than 223 percent to Rs 202 crore in Q3 FY20 as compared with Rs 62 crore in Q3 FY19.

Gross deposits edged higher by 8.64 percent to Rs 6.25 lakh crore while gross advances ticked up by 0.64 percent to Rs 4.38 lakh crore. The total business moved up by 5.2 percent in Q3 FY20 at Rs 10.63 lakh crore year-on-year.

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The bank’s NPAs stood at Rs 36,645 crore on December 31 as against Rs 38,711 crore at the end of the second quarter. The ratio of gross NPAs to gross advances stood at 8.36 percent versus 8.68 percent as on September 30, 2019, and 10.25 percent as on December 31, 2018.

The ratio of net NPAs to net advances stood at 5.05 percent at the end of Q3 FY20 as against 5.15 percent at the end of Q2 FY20 and 6.37 percent as on Q3 FY19.

The bank’s provisions and contingencies (excluding tax provisions) declined by 8.9 percent to Rs 1,803 crore in Q3 FY20 as against Rs 1,977 crore in the year-on period.

Provision coverage ratio as on December 31, 2019, stood at 70.97 percent as against 62.54 percent year-on-year while the capital adequacy ratio (Basel III) increased to 13.86 percent as against 12.21 percent.

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