Canara Bank said on Wednesday its third-quarter net profit plunged 61 percent, missing analysts’ estimates, pulled down by higher provisions for bad loans.
Net profit came in at Rs. 126 cr for the quarter ended Dec. 31, compared with Rs. 322 cr a year ago, the country's fifth-biggest state-run lender by assets said.
Analysts on average expected the company to post a profit of Rs. 200 cr, Thomson Reuters Eikon data showed. Gross bad loans as a percentage of total loans stood at 10.38 percent at end-December, compared with 10.51 percent in the previous quarter, and 9.97 percent a year ago.
Provisions for bad loans rose about 28 percent to 19 billion rupees.
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