Canara Bank Q1 Net Profit Misses Estimates; Bad Loans Rise
Canara Bank posted a lower-than-expected quarterly net profit on Wednesday, hurt by higher bad loan provisions.
Net profit rose to Rs 2.52 billion ($39.18 million) in its fiscal first quarter ended June 30, from Rs 2.29 billion a year earlier, the country's fifth largest state-run lender by assets said.
Analysts on average had expected the Bengaluru-based bank to report a net profit of Rs 3.56 billion, according to Thomson Reuters data.
Provisions for the quarter rose to Rs 22.04 billion from Rs 14.93 billion year ago.
Gross bad loans as a percentage of total loans rose to 10.56 percent at end-June from 9.63 percent at March-end.
(Reuters)
