Canara Bank's Q3 net profit rises 3.8%

Mumbai: State-owned Canara Bank on Thursday reported a 3.8 per cent rise in its net profit to Rs 329.62 crore in the third quarter of the current financial year, mainly due to a decline in proportion of bad loans.

The bank's profit was Rs 317.52 crore during the December 2018 quarter. Its total income stood at Rs 14,001.63 crore during the quarter ended December 2019, up from Rs 13,513.35 crore in the year-ago period, Canara Bank said in a stock exchange filing.

The net non-performing assets (NPAs) as a percentage of total assets stood at 5.05 per cent, down from 6.37 per cent a year ago. Similarly, the percentage of gross NPAs also narrowed to 8.36 per cent from 10.25 per cent.