Public-sector lender Canara Bank today reported a 21% decline in net profit to Rs 875.56 crore for the third quarter ended December 31, on account of rise in bad assets.
The bank had posted net profit of Rs 1,105.73 crore for the October-December quarter in 2010-11, Canara Bank said in a filing to the BSE.
The bank's gross NPAs increased to 1.81% at the end of third quarter as compared to 1.44% in December, 2010. At the same time, provisions other than tax and contingencies rose to Rs 501.18 crore compared to Rs 157.28 crore in the same quarter in the previous fiscal.
However, the total income of the lender rose to Rs 8,591.15 crore during the October-December period from Rs 6,444.55 crore in the same period last year.
During the first nine months of 2011-12, the net profit of the bank has dipped 22% to Rs 2,453.63 crore from Rs 3,126.98 crore in the same period a year ago.
It has reported total income of Rs 24,741.47 crore in the first three quarters, compared to Rs 18,416.46 crore in the same period last financial year.
