CANARA Bank reported ov er 28 per cent fall in its first quarter net

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profit. The bank attributed the decline to increase in provision on NPA, reversal of interest due to slippages under systemdriven NPA, and decline in trading profit. Net profit for the quarter was at Rs 726 crore, down from Rs 1,013 crore during the same period last year.

Increase in provision on NPA was to the extent of Rs 285 crore, as per RBI guidelines issued during May 2011, reversal of interest was to the tune of Rs 210 crore, and decline in trading

profit stood at Rs 300 crore, due to rising government securities yield.

Due to migration to system-based NPA recognition of above Rs 2 lakh, the bank's gross NPA ratio increased to 1.67 per cent compared to 1.46 per cent as at June 2010. Net NPA ratio stood at 1.34 per cent as at the quarter end, the bank said. Net profit works out to Rs 1,521 crore, Y-o-Y growth of 50.2 per cent, the bank claimed. The net interest margin for the quarter under review was at 2.42 per cent as at June 2011.