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Canara Bank posts fourth-quarter profit on lower bad loan provisions
Reuters
New Delhi, Monday, May 8, 2017 | 15:46 IST
Canara Bank posts fourth-quarter profit on lower bad loan provisions

Public sector lender Canara Bank reported a profit for the fourth quarter, compared with a year-ago loss, on the back of lower provisions for bad loans.

Net profit was 2.14 billion rupees ($33.32 million) in the three months ended March 31, compared with a loss of 39.05 billion rupees a year earlier.

Provisions more than halved to 27.09 billion rupees, the bank said on Monday.

Analysts on average had expected the Bengaluru-headquartered bank to post a net profit of 4.33 billion rupees, according to Thomson Reuters data.

Last year in 2016, the bank had reported a net loss of 39.05 billion rupees ($583 million) as provisions, including those to cover sour debt, jumped six times.

Gross bad loans as a percentage of total loans had jumped to 9.4 percent as of March 31, from 5.84 percent in December, and 3.89 percent a year earlier.

 

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