Canara Bank net profit drops to Rs 710 cr; shares dip

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Canara Bank net profit drops to Rs 710 cr; shares dip
Canara Bank: Quotes, News
BSE 316.70BSE Quote2.5 (0.79%)
NSE 315.00NSE Quote0.75 (0.24%)
Canara Bank reported net profit at Rs 710 crore against Rs 875 crore from the corresponding period of the previous year.

Gross non-performing asset (NPA) were up by 19 basis points quarter on quarter to 2.77 percent, while net NPA increased by 23 basis points QoQ to 2.35 percent in this quarter.

Bank's total income increased from Rs 8,574 crore to Rs 9,390 crore for the quarter ended December 31, 2012.

On Thursday, bank has revised interest rates on Domestic Term Deposits / NRO and NRE Term Deposits. Changes in Domestic Deposit: (For Deposit size of Rs 1 crore & above) General Public - Existing rate was 9.05% and revised 9.10% Senior Citizen - Existing rate was 9.55% and revised 9.60%.

Also, the bank has reduced their benchmark lending rates by 0.25%, making home, auto and corporate loans for borrowers.

Shares of the company were seen trading lower by 1.85% at Rs 453 on BSE at 1.00 pm IST.

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