Canara bank net down 30% to Rs 503 cr | business | Hindustan Times
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Canara bank net down 30% to Rs 503 cr

Canara Bank’s net profit fell 30 per cent to Rs 503 crore in the fourth quarter ended March 2010 from Rs 719 crore in same quarter last year. The total income of the bank stood almost flat at Rs 5,507 crore during the quarter.

business Updated: May 24, 2010 23:35 IST
HT Correspondent

Canara Bank’s net profit fell 30 per cent to Rs 503 crore in the fourth quarter ended March 2010 from Rs 719 crore in same quarter last year. The total income of the bank stood almost flat at Rs 5,507 crore during the quarter.

The bank paid the price for increase in non-performing asset (NPA), for which it had to increase the provisioning by 131 per cent. The ban’s provisioning increased to Rs 578 crore in current quarter from Rs 250 crore in same quarter of 2009.

Treasury income of the bank was also hit due to a rise rise in the yield of government securities (G-sec), taking the bank’s trading profit down 67 per cent to Rs 113 crore from Rs 349 crore in same quarter of the previous year.