Canara Bank posts fourth-quarter profit on lower bad loan provisions

Indian public sector lender Canara Bank reported a profit for the fourth quarter, compared with a year-ago loss, on the back of lower provisions for bad loans.

Reuters| Last Updated: May 08, 2017, 15:20 PM IST

Reuters: Indian public sector lender Canara Bank reported a profit for the fourth quarter, compared with a year-ago loss, on the back of lower provisions for bad loans.

Net profit was 2.14 billion rupees ($33.32 million) in the three months ended March 31, compared with a loss of 39.05 billion rupees a year earlier. (http://bit.ly/2qgNrGg)

Provisions more than halved to 27.09 billion rupees, the bank said on Monday.

Analysts on average had expected the Bengaluru-headquartered bank to post a net profit of 4.33 billion rupees, according to Thomson Reuters data.

Shares of the bank were up 1.25 percent at 0922 GMT.