Canara Bank Q2 net falls marginally: NPAs drop

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Canara Bank Q2 net falls marginally: NPAs drop
Canara Bank: Quotes, News
BSE 323.80BSE Quote1.8 (0.56%)
NSE 323.80NSE Quote1.7 (0.53%)
Canara Bank today reported a drop in net profits to Rs 625 crores, as against Rs 792 crores achieved in the previous quarter ending June 30, 2013.

Total Income declined marginally to Rs 10,427 crores from Rs 10,507 crores in the previous quarter. However, pertinently gross non performing assets declined to 2.64% from 2.91% in the previous quarter.

Net non performing assets also declined to 2.30% for the Sept quarter as against 2.48% achieved for the quarter ending June 30, 2013.

This quarter some of the PSU banks have reported a decline in non performing assets, which is good news for banks. Earlier, PSU banking major Bank of India reported a decline in its non performing assets.

Analysts say that asset quality concerns of PSU banks may have peaked. The shares of Canara Bank rose following the results, with the stock jumping almost 6% in trade.

Most of the PSU banks were trading higher today.

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