Canara Bank Limited CEO Rakesh Sharma said the bank’s gross NPA ratio stood at 10.38%, down sequentially from 10.51% as on September 2017. Photo: MintBengaluru: Canara Bank Limited net profit plunged 61% to Rs126 crore in its third quarter financial results ended 31 December, 2017, due to higher provisions for Non Performing Assets (NPAs). The net profit stood at Rs126 crore for the quarter ended 31 December compared with Rs322 crore a year ago, the bank said. “The net profit has declined to 61%, mainly because of ageing provision on the treasury. Hence we had to make Rs74 crore provision on treasury bonds which affected decline in profits,” Canara Bank Limited managing director and CEO Rakesh Sharma told reporters.

Source: Mint January 24, 2018 16:07 UTC