Canara Bank Q1 net up 10% to Rs 252 crore

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New Delhi: Public sector bank Canara Bank reported 10 per cent rise in June quarter in net profit to Rs 252 crore. The bank’s Q1 net for the last financial year was Rs 229 crore. The bank’s net interest income (NII) up 17.6 per cent to Rs 2,713 crore, whereas its non-interest income augmented by 33.06 per cent to Rs 2,109 crore in Q1 Financial Year 2018.

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Higher-than-predictable slippages shoved provisions for non-performing assets (NPAs) to 54 per cent, pressuring on the bottom line. The stock of the Bengaluru-based lender concluded 0.58 per cent raise at Rs 371 on the BSE. Rakesh Sharma, managing director and chief executive, Canara Bank conveyed that it was a hard quarter.

The slippages of Rs 5,511 crore were superior to estimates. Four large corporate accounts had a share of Rs 2,712 crore and the small accounts of Rs 792 crore following demonetization. There was a spike in the bank’s provisioning for NPAs to Rs 2,270 crore as against Rs 1,469 crore a year prior.

Its arrangement scope proportion (PCR) enhanced and remained at 54.52 for every penny at end of Q1 FY18 from 50.82 for every penny at end of Q1FY17. It hopes to enhance PCR by 2-3 for every penny every year. With respect to presentation to 12 major NPA cases, the bank said they constituted NPAs worth Rs 10,200 crore.

The bank as of now holds arrangements of Rs 5,600 crore for these records and need to make extra arrangements of Rs 2,200 crore more than seventy five percent. On being the grapple bank for combining frail open area keeps money with it, Sharma said at display talks were at the administration level just and the bank was not included in it.

Its capital ampleness proportion enhanced to 12.61 for every penny from 12.11 for each penny a year back. The bank would look for investors’ gesture to raise Rs 3,500 crore through crisp issue of value shares.

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