Canara Bank Q1 net up 10% to Rs 252 crore

Higher-than-expected slippages pushed provisions for non-performing assets to 54%

Weighed down by bad loans provisions, public sector lender Canara Bank posted just 9.9 per cent growth in net profit to Rs 252 crore for the first quarter ended June 30. The bank’s net profit in the April-June quarter of the previous financial year was Rs 229 crore.

The bank’s net interest income (NII) rose 17.6 per cent to Rs 2,713 crore, while its non-interest income increased by 33.06 per cent to Rs 2,109 crore in Q1FY18. However, higher-than-expected slippages pushed provisions for non-performing assets (NPAs) to 54 per cent, putting pressure on the bottom line.  

The stock of the Bengaluru-based