The lender's net profit came in at 3.18 billion rupees for the three months ended Dec 31, 2018.
Assets of the bank increased to Rs 5,79,875.32 crore as on June 30, 2017 from Rs 5,39,767.21 crore. (Photo: DC)
India’s Canara Bank Ltd reported a 152.5 per cent surge in quarterly net profit on Monday, buoyed by higher interest income and a write-back of provisions made for mark-to-market losses.
The lender’s net profit came in at 3.18 billion rupees ($44.70 million) for the three months ended Dec 31, 2018, compared with 1.26 billion rupees a year ago.
That compares with analysts’ average estimate for a profit of 2.99 billion rupees, according to Refinitiv data.
Asset quality improved, with gross bad loans as a percentage of total loans standing at 10.25 per cent at end-December, versus 10.56 per cent in the previous quarter. This was also lower than 10.38 per cent in the same period a year ago.
( Source : reuters )
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