Bengaluru-based public sector
lender Canara Bank’s net profit remained flat at Rs 613 crore for the fourth
quarter ended March compared to Rs 611 crore in the corresponding quarter last
year.
Total
income of the bank increased seven per cent to Rs 12,429 crore as against Rs
11,610 crore in the year-ago quarter. The operating profit declined 7.9 per
cent to Rs 1,733 crore from Rs 1,882 crore a year ago.
Despite lower provisions, the bank’s net profit came down. It was due to a decline in net interest income during the quarter. It stood at Rs 2,486 crore as against Rs 2,536 crore, a decline of two per cent year-on-year. The net interest margin for the quarter came down two basis points to 2.25 per cent from 2.27 per cent a year ago.
The bank made 7.4 per cent lower of provisions at Rs 1,010 crore as against Rs 1,091 crore in March 2014. Of this, provisions towards non-performing assets stood at Rs 782 crore against Rs 802 crore in the fourth quarter of 2013-14.
The gross NPA ratio was at 3.89 per cent from 2.49 per cent at March 2014. The net NPA ratio at 2.65 per cent from 1.98 per cent at March 2014. Cash recovery aggregated to a record level of Rs 5,993 crore compared to Rs 5,494 crore last year. Upgradation was Rs 2,031 crore compared to Rs 2,853 crore last year.
"During the fourth quarter ended March 2015, the bank saw fresh slippage of 2,804 crore. The bank witnessed stress in the areas of power, roads, steel and textile sectors," P S Rawat, senior executive director and in-charge Managing Director and CEO said.
Despite lower provisions, the bank’s net profit came down. It was due to a decline in net interest income during the quarter. It stood at Rs 2,486 crore as against Rs 2,536 crore, a decline of two per cent year-on-year. The net interest margin for the quarter came down two basis points to 2.25 per cent from 2.27 per cent a year ago.
The bank made 7.4 per cent lower of provisions at Rs 1,010 crore as against Rs 1,091 crore in March 2014. Of this, provisions towards non-performing assets stood at Rs 782 crore against Rs 802 crore in the fourth quarter of 2013-14.
The gross NPA ratio was at 3.89 per cent from 2.49 per cent at March 2014. The net NPA ratio at 2.65 per cent from 1.98 per cent at March 2014. Cash recovery aggregated to a record level of Rs 5,993 crore compared to Rs 5,494 crore last year. Upgradation was Rs 2,031 crore compared to Rs 2,853 crore last year.
"During the fourth quarter ended March 2015, the bank saw fresh slippage of 2,804 crore. The bank witnessed stress in the areas of power, roads, steel and textile sectors," P S Rawat, senior executive director and in-charge Managing Director and CEO said.
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