The company registered a 0.68 per cent net profit growth at Rs 215.59 crore (Rs 2.16 billion) compared to Rs 214.13 crore (Rs 2.14 billion) in the corresponding quarter of the previous fiscal. The bank’s net non-performing asset, at Rs 287 crore, was 1.49 per cent of the advances, said managing director and CEO N Kamakodi. “It was mainly because, as per AQR we have been able to identify those NPAs so that we can take all corrective steps”.
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The company had posted a net loss of Rs 43.81 crore in the same quarter of the previous fiscal.
Its net NPAs rose to 3.90 per cent from 2.42 per cent at the end of December 2014.
Last month, Finolex Industries, which is into manufacturing of PVC-U pipes and fittings, had said that it plans to invest Rs 100 crore to add 1,00,000 tonnes of pipes capacity over the next three years. Gross NPAs in absolute terms rose significantly to Rs 19,813.44crore as compared to Rs 10,573.57 crore at the end of December 2014.
“With the macro policy environment now turning more supportive and El Nino conditions, along with its adverse impacts on agricultural output and incomes, set to dissipate, domestic consumer demand is likely to gain strength in the coming quarters”, the company said in a statement.
The bank’s total income also fell to Rs 12,050.6 crore for the quarter under review from Rs 12,227.86 crore in the year-ago period, Canara Bank said in a regulatory filing to exchanges.
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It said total number of branches increased to 5,794, including seven overseas branches as of December 2015 and number of ATMs increased to 9,144.
