Canara Bank, the public sector lender, reported a rise of 1.87% in first quarter profit. The bank reported a profit of Rs 8.07 billion for the quarter ended Jun. 30, 2014, compared with Rs 7.92 billion, a year ago. Analysts on average had predicted net profit of Rs 8.71 billion.
Quarterly income totaled at Rs 117.28 billion, an increase of 11.61% over Rs 105.08 billion in the same period a year ago.
The bank has made provision of Rs 7.88 billion, which was lower by 13.98% from prior year period.
Net NPA was at 61.50 billion for the quarter ended Jun. 30, 2014, as compared to Rs 62.09 billion in the same period last year, representing a decrease of 0.95%.
In percentage term, net NPAs were at 2.03% at the end of the quarter lower than 2.48% from last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 10.23% as on Jun. 30, 2014.
Shares of the bank declined Rs 1.65, or 0.4%, to trade at Rs 410.40. The total volume of shares traded was 191,253 at the BSE (1.07 p.m., Monday).