Canara Bank Q2 net profit down 27 per cent to Rs 260 crore

Mumbai: State-run Canara Bank's profit dropped by 27.1 per cent to Rs 260.18 crore in the second quarter of current fiscal on account of higher provisioning and decline in income. The bank had reported a net profit of Rs 357 crore in the year-ago period.

Total income during July-September quarter stood at Rs 11,994.64 crore, down from Rs 12,187.12 crore in the same quarter a year ago, Canara Bank said in a BSE filing.

The bank's Gross Non-Performing Assets (GNPA), as a percentage of advances, increased to 10.51 per cent from 9.81 per cent on annual basis. The net NPA too rose to 7.02 per cent from 6.69 per cent.

The provisioning against NPAs rose from Rs 1,558.37 crore in September quarter 2016-17 to Rs 1,949.81 crore in the quarter under review.

Net profit for the first half of the fiscal declined to Rs 511.78 crore from Rs 585.86 crore in the year-ago period. Its stock settled at Rs 403.75, down 4.64 per cent on BSE.