Motilal Oswal
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Motilal Oswal

Canara Bank says loans to IL&FS recognised as NPA in Q3

Updated : January 28, 2019 05:07 PM IST

Public sector lender, Canara Bank, on Monday said it recognised exposure to the beleaguered IL&FS Group as non-performing asset (NPA) in Q3.

In an interview to CNBC-TV18, PV Bharathi, executive director, said double digit growth is continuing in all the segments of advances.

"The bank had targeted only a slippage of Rs 2,400 for this quarter. So the bank has been able to maintain it. The additional surprises came from IL&FS and the fluctuation in the foreign currency that has gone to Rs 400 crore," she said.

Canara Bank reported a whopping 152.50 percent on year growth in third quarter profit at Rs 317.52 crore despite tepid growth in NII and lower other income and operating income.

Net interest income during the quarter grew by 3.66 percent year-on-year to Rs 3,814 crore with loan growth of nearly 12 percent at Rs 4.17 lakh crore.
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