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India's Canara Bank posts more than threefold increase in fiscal Q3 profit

India's Canara Bank reported a more-than-threefold increase in net profit for the fiscal third quarter ended Dec. 31, 2016, even as bad loans surged.

Net profit for the quarter surged to about 3.22 billion rupees from 849.7 million rupees in the year-ago quarter. EPS rose to 5.93 rupees from 1.56 rupees.

Canara Bank said Jan. 20 that the amount of net nonperforming loans jumped to 222.96 billion rupees from 129.40 billion rupees. The bank's net NPL ratio rose to 6.72% as of Dec. 31, 2016, from 6.69% as of Sept. 30, 2016, and from 3.90% as of Dec. 31, 2015.

Interest earned dropped year over year to 102.88 billion rupees from 108.82 billion rupees, while "other income" for the quarter increased to 17.92 billion rupees from 11.69 billion rupees in the prior-year period. Income on investments dropped to 27.22 billion rupees from 28.77 billion rupees.

Provisions and contingencies for the quarter increased year over year to 14.85 billion rupees from 14.29 billion rupees.

For the nine-month period ended Dec. 31, 2016, the bank's net profit declined on a yearly basis to 9.08 billion rupees from 10.93 billion rupees. EPS fell to 16.72 rupees from 21.07 rupees.

The bank said its capital adequacy ratio under Basel III clocked in at 12.28% as of Dec. 31, 2016, up from 12.19% as of Sept. 30, 2016, and from 11.54% as of the end of 2015. Common equity tier 1 ratio was 8.11%, compared to 8.25% as of Sept. 30, 2016, and 8.03% as of Dec. 31, 2015. The bank's additional tier I ratio rose to 0.90% from 0.62% as of Sept. 30, 2016, and 0.65% at the end of 2015.

As of Jan. 20, US$1 was equivalent to 68.06 Indian rupees.