Q1FY18 Results: Canara Bank Ltd
DSIJ Intelligence / 19 Jul 2017
Canara Bank posted its Q1FY18 results post market hours today. The quarterly results showed tepid performance due to rise in NPAs and slower PAT growth.
Canara Bank posted its Q1FY18 results post market hours today. The quarterly results showed tepid performance due to rise in NPAs and slower PAT growth.
The bank's NII for the quarter remained flat at Rs 2713 crore, compared with Rs 2708 crore in Q4FY17. This was due to decline in interest expended by 2.8 per cent QoQ to Rs 10195 crore as against Rs 10492 crore in Q4FY17.
The bank's NPAs for the quarter increased 10% QoQ to Rs 37,657 crore as against Rs 34202 crore in Q4FY17. The GNPAs as percentage of total advances declined by 93 bps to 10.56% QoQ.
However, provisions for the quarter were reduced by 18.6 per cent QoQ to Rs 2203 crore. This further led to 17.3 per cent QoQ increase in net profit to Rs 251 crore versus Rs 214 crore in Q4FY17.
Advances for the quarter increased marginally to Rs 342,815 crore in Q1FY18 from Rs 342,008 crore in Q4FY17. The bank’s 90 per cent assets were domestic, while remaining 10 per cent were overseas assets in Q1FY18.
The stock of Canara Bank closed almost flat today at Rs 371 on the BSE.
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