Canara Bank Jun quarter Net up 2.2% at Rs 792 cr

Canara Bank Jun quarter Net up 2.2% at Rs 792 cr New Delhi: State-owned Canara Bank on Saturday reported a marginal 2.2 percent rise in net profit at Rs 792.07 crore for the first quarter of 2013-14 fiscal due to higher provisioning.

The Bangalore-headquartered bank had posted net profit of Rs 775.24 crore in the corresponding quarter (April-June) of the previous fiscal.

Total income of the bank also increased to Rs 10,507.88 crore during Q1FY'14, up from Rs 9,165.47 crore of Q1FY'13, it said in a filing to the BSE.

During April-June quarter of the current fiscal, the bank made provisions and contingencies of Rs 916.19 crore from Rs 418.53 crore it had made a year earlier.

However, the net non-performing assets (NPAs) of the bank during the quarter under review came down to 2.48 percent from 1.66 percent in the previous fiscal.

Gross NPAs also increased to 2.91 percent in the first quarter of FY'14 from 1.98 percent in the corresponding period of FY'13.

Shares of the bank had closed at Rs 241.55 apiece on the BSE on Friday, down 6.32 percent from previous close.

PTI