Canara Bank Q2 net drops 16 per cent to Rs 529 crore

Canara Bank today reported a 15.6 per cent fall in its July-September quarter net profit at Rs 528.86 crore. The public sector lender had registered a net profit of Rs 626.84 crore in the corresponding quarter last year.

Total income has increased to Rs 12,477.95 crore for the quarter ended September 30, 2015 from Rs 11,915.21 crore for the quarter ended September 30, 2014, it said in a BSE filing.

As bank's asset quality slipped further during quarter of reporting, provisions for bad loans and contingencies grew to Rs 1,212.31 crore as against Rs 813.70 crore reserved by the bank in the same period a year ago.

The gross non-performing assets (NPAs ) or bad loans were 4.27 per cent of gross advances as of September 2015, up from 2.92 per cent in the same period year ago.

Net NPAs too increased to 2.9 per cent from 2.31 per cent in the previous fiscal's second quarter.