For the quarter, the gross NPA ratio declined to 9.63% from 9.97% in the previous quarter and the net NPA ratio to 6.33% (6.72%).
more-in Canara Bank reported a net profit of ₹214.18 crore for the fourth quarter ended March 31, 2017 as against a net loss of ₹3,905.49 crore in the same period last year.
Higher provisions The provisions during the quarter stood at ₹ 2708.74 crore against ₹ 1,484.57 crore in the previous quarter.
However, on sequential basis, the bank’s net profit witnessed a decline of about 33% in the fourth quarter mainly due to higher provisioning.
For the full year, the net profit stood at ₹1,122 crore as against a loss of ₹2,813 crore in the previous fiscal.
OCBC Q1 net profit up 14% to $973m, much better than expected, Banking News & Top Stories
It was also 23 per cent higher than the S$789 million net profit in the previous quarter.
Our results reflect the underlying strength and diversity of our banking, wealth management and insurance franchise.
SINGAPORE – Oversea-Chinese Banking Corp (OCBC), Singapore’s second-largest lender, reported on Tuesday (May 9) a surprisingly strong 14 per cent jump in first-quarter net profit, thanks to higher income from wealth management and insurance.
We achieved broad-based loan growth, grew our private banking AUM (assets under management), and reported significantly higher fee income.
This more than offset a 3 per cent decline in net interest income to S$1.27 billion from S$1.31 billion a year ago.
OCBC Q1 net profit up 14%, rebounding from previous quarter
This comes after a bigger-than-expected 18 per cent drop in quarterly net profit in the previous quarter.
OCBC reported the largest first quarter net profit growth among the three Singapore banks, with DBS and United Overseas Bank posting increases in quarterly profit of 1 per cent and 5.4 per cent, respectively.
The city-state’s second-biggest lender said net profit came in at S$973 million in the three months that ended Mar 31, versus S$856 million a year ago and S$789 million the previous quarter.
Overall wealth management income, comprising income from insurance, private banking, asset management, stockbroking and other wealth management products, grew 50 per cent to S$724 million, from S$482 million a year ago.
SINGAPORE: The Oversea-Chinese Banking Corp (OCBC) reported a 14 per cent rise in quarterly profit on Tuesday (May 9), largely led by sustained growth in its wealth management business and robust results from insurance operations.