Canara Bank reports 27.1 per cent drop in net profit for Q2

Canara Bank reports 27.1 per cent drop in net profit for Q2

Country's largest private lender ICICI Bank witnessed improvement in asset quality during the second quarter of FY18 as it awaits the Reserve Bank of India's report on divergences to be reported in the third quarter. The bank had reported a provision of Rs 946.3 crore for the year. However, the bank has also made a one-time gain of ₹2,012 crore during the June-Sep period of this financial year by selling stake in ICICI Lombard General Insurance Company.

On an yearly basis, the YES Bank stock is down 75 percent.

In the RBI's second list of 28-30 loan accounts to be referred under the Insolvency and Bankruptcy Code (IBC) by December this year, ICICI Bank has exposure to 18 borrowers with loans worth Rs 11,860 crore, 98.7 percent of which have been declared as NPAs.

The CASA deposits were up by 17.72 per cent y-o-y, increased to Rs 1.55 lakh crore.It said Domestic CASA share improved to 33.83 per cent from 29.11 per cent previous year.

Net profit for the first half of the fiscal declined to Rs 511.78 crore from Rs 585.86 crore in the year-ago period.

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Net interest income (NII), or the bank's core income, rose to Rs 5,710 crore compared to Rs 5,253 crore on a year-on-year basis, according to the exchange filing.

The bank's gross non-performing assets (GNPA) ratio rose to 1.82% in Q2FY18 from 0.97% in June quarter (Q1FY18), while Net NPA rose to 1.04% from 0.39% in previous quarter. Of the total loan slippages, Rs256 crore came from accounts that are internally classified as below investment grade.

"He said,".actually our operating profit has increased, however, the reduction is there (in net profit) mainly because of higher provisioning, our target is to increase our provision coverage ratio to 60 per cent in the mid-term". She forecast domestic loan growth in the financial year to be about 15%, led by as much as a 20% rise in retail loans. On the corporate growth, Kochhar said the bank is growing the desired book, excluding the low rated loans, restructured book among others, at 14 per cent.

The management in an analyst call said about Rs 2,986 crore of the Rs 6,355 crore is upgraded from March to date with an approval of the Board and statutory auditors, while another Rs 1,715.85 crore has been repaid.

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