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Canara Bank gains as Q3 asset quality improves
23-Jan-20   14:17 Hrs IST

Tax expense surged 223.5% to Rs 201.80 in Q3 December 2019 as compared with Rs 62.38 crore in Q3 December 2018.

The bank's gross non-performing assets (NPAs) stood at Rs 36,644.97 crore as on 31 December 2019 as against Rs 38,711.33 crore as on 30 September 2019 and Rs 44,621.27 crore as on 31 December 2018.

The ratio of gross NPAs to gross advances stood at 8.36% as on 31 December 2019 as against 8.68% as on 30 September 2019 and 10.25% as on 31 December 2018. The ratio of net NPAs to net advances stood at 5.05% as on 31 December 2019 as against 5.15% as on 30 September 2019 and 6.37% as on 31 December 2018.

The bank's provisions and contingencies (excluding tax provisions) declined 8.9% to Rs 1802.91 crore in Q3 December 2019 as against Rs 1977.34 crore in Q3 December 2018.

Provision Coverage Ratio as on 31 December 2019 stood at 70.97% as against 70.11% on 30 September 2019 and 62.54% on 31 December 2018.

The bank's Capital Adequacy Ratio (Basel III) increased to 13.86% in Q3 2019 as against 12.21% in Q3 2018.

Canara Bank is a state-owned commercial bank with headquarters in Bangalore. The Government of India holds a 78.52% stake in Canara Bank as of December 2019.

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