Canara Bank Q1 net profit misses estimates; bad loans rise

By: |
Published: July 19, 2017 5:12:41 PM

India's Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.

Canara Bank, Canara Bank Q1 net profit, Canara Bank bad loans riseGross bad loans as a percentage of total loans rose to 10.56 percent at end-June from 9.63 percent at March-end.

India’s Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions. Net profit rose to 2.52 billion rupees ($39.18 million) in its fiscal first quarter ended June 30, from 2.29 billion rupees a year earlier, the country’s fifth largest state-run lender by assets said. Analysts on average had expected the Bengaluru-based bank to report a net profit of 3.56 billion rupees, according to Thomson Reuters data. Provisions for the quarter rose to 22.04 billion rupees from 14.93 billion rupees year ago. Gross bad loans as a percentage of total loans rose to 10.56 percent at end-June from 9.63 percent at March-end.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Bank of America beats estimates as higher rates boost revenue
2Over 36 lakh bank accounts saw cash deposit of Rs 10 lakh or more in a financial year
3Nine public sector banks reported losses in FY17