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Canara Bank net up 12% in Q1

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Bengaluru, July 25 (IANS) State-run Canara Bank posted Rs 282 crore net profit for the first quarter of fiscal 2018-19, registering 12 per cent annual growth from Rs 252 crore in the same period year ago.

The city-based bank also returned to black from a Rs 4,860 crore loss posted in the previous quarter, the last quarter of 2017-18.

“Operating profit for the quarter (Q1) under review grew 19 per cent annually to Rs 2,933 crore from Rs 2,472 crore in the like period year ago and 66 per cent sequentially from Rs 1,765 crore quarter ago,” said the bank in a regulatory filing on the BSE.

Total income grew 7 per cent annually to Rs 13,193 crore from Rs 12,304 crore year ago and 14 per cent sequentially from Rs 11,555 crore last quarter.

“Provisions and contingencies for the quarter also increased 17 per cent annually to Rs 2,582 crore from Rs 2,204 crore year ago but declined 72 per cent from Rs 9,075 crore quarter ago,” it said in the filing.

Provisioning for non-performed assets (NPA) also increased 9 per cent annually to Rs 2,466 crore from Rs 2,270 crore but declined a whopping 72 per cent sequentially from Rs 8,763 crore quarter ago.

Gross NPAs increased 19 per cent annually to Rs 44,660 crore from Rs 37,658 crore year ago but declined 5.9 per cent sequentially from Rs 47,469 crore.

Net NPAs too grew 9.8 per cent annually to Rs 26,694 crore from Rs 24,300 crore year ago but declined 6.5 per cent sequentially from Rs 28,572 crore quarter ago.

The company’s scrip of Rs 10 face value ended at Rs 258.90, gaining Rs 5.80 per share on the BSE from Tuesday’s closing rate of Rs 253.10 and opening price of Rs 253.40.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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