Canara Bank Q3 net plunges 42% to Rs 409 crore

Total income up 16.5%, operating profit up 5%

Bangalore-based public sector lender Canara Bank today reported a sharp decline of 42.38% in net profit at Rs 409.35 crore for the third quarter ended December 31, 2013 compared to Rs 710.51 crore in the corresponding quarter last year.

The total income for the quarter has gone up 16.45% to Rs 10,935 crore against Rs 9,390 crore in the corresponding quarter last fiscal.

The operating profit for the third quarter went up 4.94% to Rs 1,591 crore as against Rs 1,516 crore in the year ago period.

Capital adequacy ratio under Basel-III stood at 9.83%. The return on assets (annualised) came down to 0.37% in December 2013 from 0.82% in the corresponding quarter last year.

The net non-performing assets went up marginally to 2.39% in December 2013 from 2.35% in the year ago quarter.