Canara Bank, a leading nationalized bank is planning to reduce the gross non-performing assets to 2.50% in the last quarter of the current fiscal from the present level of 2.79%. The bank has reported a marginal deterioration in its asset quality during the December quarter of 2013-14 compared with same period last year. The bank’s higher provisioning for NPAs in the third quarter led its net profit down by 42.39%. Meanwhile, the bank is also planning to open 100 branches in West Bengal at those locations where panchayats have been ordered to offer 500 sq ft of space for each branch.
Canara Bank has reported 42.39% fall in its net profit at Rs 409.35 crore for third quarter ended December 31, 2013 as compared to Rs 710.51 crore for the same quarter in the previous year. However, Total income of the bank has increased by 16.45% at Rs 10935.29 crore for quarter under review as compared to Rs 9390.29 crore for the quarter ended December 31, 2012.
