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Canara Bank, Indian Bank, and Indian Overseas Bank witness notable profit growth as Gross NPAs shrink; UCO Bank faces a 23% profit decline.
Net profit of three public sector banks has increased in the third quarter of the current financial year due to strong loan growth. Due to better provisions, NPA of these banks has also reduced. However, UCO Bank’s profit has declined by 23 percent.
Canara Bank
The net profit of the government bank increased by 29 percent to Rs 3,656 crore in the third quarter. Total income increased from Rs 26,218 crore to Rs 32,334 crore. Net interest income increased by 9.5 percent to Rs 9,417 crore. Gross NPA reduced from 5.89 percent to 4.39 percent.
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Indian Bank
Net profit increased by 52 percent to Rs 2,119 crore. Total income increased from Rs 13,551 crore to Rs 16,099 crore. Gross NPA reduced from 6.53 percent to 4.47 percent.
iob
Net profit of Indian Overseas Bank (IOB) increased by 30 percent to Rs 723 crore. Interest income reached Rs 6,176 crore. Gross NPA reduced from 8.19 percent to 3.90 percent.
UCO Bank: Profit decreased by 23 percent
The bank’s net profit declined by 23 percent to Rs 503 crore. However, total income increased from Rs 5,451 crore to Rs 6,413 crore. Gross NPA reduced from 5.63 percent to 3.85 percent.
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IOC, profit of Rs 8,063 crore
Indian Oil Corporation (IOC) has made a profit of Rs 8,063 crore. It was only Rs 448 crore in the same quarter a year ago. The increase in profits is due to there being no change in the prices of petrol and diesel for the last two years. During this period, the company’s margins have increased due to cheap crude oil.
