July 25, 2018 / 11:39 AM / 3 months ago

India's Canara Bank reports 12 pct rise in Q1 net profit

July 25 (Reuters) - India’s state-run Canara Bank Ltd reported a surprise 11.9 percent rise in first-quarter net profit on higher interest income while its bad-loan provisions increased slightly.

Net profit was 2.81 billion rupees ($40.9 million) for the three months ended June 30, compared with 2.52 billion rupees a year ago, the bank said in a statement bit.ly/2LNAv1H.

Eight analysts on average had expected a loss of 10.96 billion rupees, according to Thomson Reuters I/B/E/S.

Gross bad loans as a percentage of total loans was 11.05 percent at end-June, lower than 11.84 percent three months earlier, but still higher than 10.56 percent a year ago.

The bank reported mark-to-market losses of 1.51 billion rupees in the quarter as it opted to spread bond losses over four quarters as allowed by the central bank.

The remaining losses of 4.53 billion rupees will be distributed over the next three quarters, Canara Bank said. ($1 = 68.7550 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Amrutha Gayathri)

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