Bangalore headquartered Canara Bank has reported a marginal increase in net profit at Rs. 627 crore for the September quarter due to higher provisions. The bank had reported a net profit of Rs. 626 crore in the corresponding quarter last year.Total provision for the quarter was at 999 crore compared to Rs.799 crore for Q2FY14. The provision for NPAs during the quarter was Rs.912 crore. Operating Profit for the quarter was at Rs.1626 crore, up by 14.1% y-o-y. The total income for the quarter increased 14.2% to Rs 11,915 crore compared to Rs 10,427 crore in the second quarter of FY14. Net interest income for the quarter increased by 8.1% to Rs.2368 crore
"During this quarter, we have seen fresh slippage to the tune of Rs 3,178 crore. As a result We have provided Rs 814 crore compared to Rs 674 crore in the corresponding quarter. This impacted our net profit during the quarter," the bank's executive directors Krishna Kumar and P S Rawat said
The Bank has received all the approvals from the government to raise Rs 3,000 crore through a QIP issue during the third quarter but yet to approach institutional investors for the QIP.
Other highlights of Q2
Record Cash Recovery at 3213 crore in H1 compared to 1923 crore last year.
Gross NPA Ratio contained at below 3% at 2.92% and net NPA ratio at 2.31%, despite continuing stressed scenario at the industry level.
Recovery from prudentially written off accounts in H1FY15 at 1065 crore (14.42% of outstanding amount). Upgradation during H1 was at 1197 crore.
Provision Coverage ratio increased to 58.68% from 57.77% last year.
Total Fee income up by 32.1% to 1021 crore from 773 crore last year.
Total Business up by 14.8% y-o-y to 7.72 lakh crore.
Total Deposits up by 17.8% y-o-y to 4.61 lakh crore.
Advances (net) up by 10.6% y-o-y to 3.11 lakh crore.
Continued robust growth in retail business - MSME (27%), MSE (30%), Retail Lending (28%), Direct Housing Loans (37%), Vehicle Loans (49%) and other personal loans (101%).
504 branches and 586 ATMs added during the Q2FY15, taking the total to 5514 branches and 7095 ATMs.
Enhanced E-transactions to 44.99% from 42% last year.
Income from loans/advances for Q2 FY15 rose by 14.9% to 8005 crore.
Net Interest Income for Q2 FY15 at 2368 crore, increased by 8.1% y-o-y.
Net Interest Margin (NIM) (Domestic) at 2.36% and NIM (Global) at 2.24%.
#Canara Bank to raise Rs 3,000 crore through a QIP in Q3 pic.twitter.com/Z4pez3vLmf
— Press Release Watch (@PrReleaseWatch) November 6, 2014
"During this quarter, we have seen fresh slippage to the tune of Rs 3,178 crore. As a result We have provided Rs 814 crore compared to Rs 674 crore in the corresponding quarter. This impacted our net profit during the quarter," the bank's executive directors Krishna Kumar and P S Rawat said
The Bank has received all the approvals from the government to raise Rs 3,000 crore through a QIP issue during the third quarter but yet to approach institutional investors for the QIP.
Other highlights of Q2
Record Cash Recovery at 3213 crore in H1 compared to 1923 crore last year.
Gross NPA Ratio contained at below 3% at 2.92% and net NPA ratio at 2.31%, despite continuing stressed scenario at the industry level.
Recovery from prudentially written off accounts in H1FY15 at 1065 crore (14.42% of outstanding amount). Upgradation during H1 was at 1197 crore.
Provision Coverage ratio increased to 58.68% from 57.77% last year.
Total Fee income up by 32.1% to 1021 crore from 773 crore last year.
Total Business up by 14.8% y-o-y to 7.72 lakh crore.
Total Deposits up by 17.8% y-o-y to 4.61 lakh crore.
Advances (net) up by 10.6% y-o-y to 3.11 lakh crore.
Continued robust growth in retail business - MSME (27%), MSE (30%), Retail Lending (28%), Direct Housing Loans (37%), Vehicle Loans (49%) and other personal loans (101%).
504 branches and 586 ATMs added during the Q2FY15, taking the total to 5514 branches and 7095 ATMs.
Enhanced E-transactions to 44.99% from 42% last year.
Income from loans/advances for Q2 FY15 rose by 14.9% to 8005 crore.
Net Interest Income for Q2 FY15 at 2368 crore, increased by 8.1% y-o-y.
Net Interest Margin (NIM) (Domestic) at 2.36% and NIM (Global) at 2.24%.