Canara Bank Q3 net profits at Rs 409 crores; NPAs rise

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Canara Bank reported net profits that were marginally below expectations at Rs 409 crores for the quarter ending Dec 31, 2013, as against Rs 625 crores reporting in the previous quarter.

Gross non performing assets increased to 2.79 per cent from 2.64 per cent in the previous quarter. Net non performing assets rose to 2.39 per cent from 2.30 per cent in the previous quarter.

Total income for the bank was placed at Rs 10,935 crores.

The stock was trading up despite lower than expected profitability as PSU bank stock rallied, following a stellar set of numbers by Punjab National Bank.

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