Canara Bank posts 22% decline in profits in Quarter 2
By Neelima Shankar
Nov 7, 2012
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The public sector bank, Canara Bank, has released its financial results for the second quarter of this year. The bank has reported 22.44 percent decrease in profits for this quarter owing to decline in its non interest income. Currently, its profits stand at Rs. 660.97 crore.

Though the bank recorded growth in its revenues by 9.08 percent, at Rs. 9203.61 crore, its EPS went down to Rs. 14.92, as compared to Rs. 19.24 it recorded for the same period previous fiscal.

Talking about the bank's Q2 financials, the Executive Director of the bank, Mr. Ashok Kumar Gupta said, "During the quarter, the bank's performance was affected by a drop in non-interest income (commission) by Rs 215 crore, flat net interest income and provisioning for non-performing assets."

The Bangalore based bank's operating profits before contingencies and provisions stood at Rs. 1282.09 crore, which is a decline of 19.86 percent from last year's operating profits which was Rs. 1599.87 crore. There was a fall in bank's asset quality, with its gross NPA ratio being recorded at 2.58 percent and its net NPA ratio standing at 2.12 percent.

There was an increase in Canara Bank's current accounts and savings accounts (CASA) deposits, which stand at Rs. 83556 crore at 3.44 percent.

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