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Canara Bank Q3 profit surges 92% to ₹2,882 crore

Jan 23, 2023, 03:47 pm

Canara Bank today reported 92 per cent jump in profit at ₹2,882 crore for the quarter ended December 2022, helped by a rise in interest income and decline in bad loans.

Its net profit stood at ₹1,502 crore in the same quarter of the preceding financial year.

Total income increased to Rs 26,218 crore in the quarter from Rs 21,312 crore in the year-ago period, the state-owned bank said in a regulatory filing.

At the same time, interest income rose to Rs 22,231 crore as against Rs 17,701 crore in the same quarter a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 5.89 per cent as compared to 7.80 per cent at the end of third quarter of 2021-22.

Net NPAs too eased to 1.96 per cent as compared to 2.86 per cent in the same period a year ago.

The capital adequacy ratio rose to 16.72 per cent in December quarter as against 14.80 per cent.

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