Canara Bank Dec quarter Net dips 42 pc to Rs 409 cr

Public sector lender Canara bank today reported a 42.39 per cent decline in net profit at Rs 409.35 crore for the third quarter ended December, mainly due to higher provisioning for bad loans.

The bank had posted a net profit of Rs 710.51 crore in the October-December quarter of 2012-13 fiscal.

Total income of the bank increased to Rs 10,935.29 crore during the quarter, from Rs 9,390.29 crore in the same period a year ago, Canara Bank said in a filing to the BSE.

During the quarter, the bank made bad loan provisioning of Rs 1,051 crore, against Rs 626 crore provisioning made in the corresponding quarter in 2012-13 fiscal.

Shares of Canara Bank were trading at Rs 219.95 apiece, up 1.81 per cent on the BSE.

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