Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rakesh Sharma, MD and CEO, Canara Bank
Canara Bank reported a 60.93 per cent decline in net profit at ₹125.75 crore in the third quarter (Q3) of this fiscal (FY18) against ₹321.88 crore in the same period last year.
The profit was impacted by a fall in the yield on advances and higher provisioning for bad loans.
The bank’s total income rose a marginal 2.16 per cent to ₹12,341 crore (₹12,079.37 crore in the year-ago period). EPS (basic) fell to ₹2.11 (₹5.93).
However, operating profit (before provisions and contingencies) rose 42.90 per cent to ₹2,831.39 crore (₹1,981.33 crore).
Rakesh Sharma, Managing Director and CEO, Canara Bank, said: “We welcome the Central government’s ₹4,800-crore capital infusion.
“Also, we will be raising ₹3,500 crore through QIP by end of this quarter.”
On the bank’s Q3 performance, he said: “Our strategy of chasing higher-yielding and risk weight-light assets for qualitative business growth.... has paid off through healthy improvement in our core net interest income.”
“Our net interest income growth of 52.4 per cent and 11.29 per cent growth in non-interest income — excluding trading profits — has significantly shielded us from the unexpected quarter-end surge in bond yields and resultant mark-to-market provisions,” he added. Net interest income (NII) of the bank surged 52.4 per cent to ₹3,679 crore (₹2,414 crore).
Asset qualityThe bank’s gross non-performing assets (NPAs) rose to 10.38 per cent (9.97 per cent last year) and net NPA to 6.78 per cent (6.72 per cent).
Capital adequacy ratio improved to 12.49 per cent, up from 12.28 per cent a year ago. And, the provision coverage ratio stood at 55.81 per cent, up from 52.52 per cent reported last year.
The bank’s net advances rose 12.5 per cent to ₹3.73 lakh crore.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
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