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Canara Bank clocks 10.5 per cent jump in Q1 net profit at Rs 3,905 crore
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Canara Bank on Thursday reported a 10.5 per cent jump in net profit for the April-June quarter of the current financial year to Rs 3,905 crore, compared to the corresponding figure of Rs 3,534 crore in the same quarter of last year.
The bank’s net interest income (NII) during the first quarter increased 6 per cent to Rs 9,166 crore from Rs 8,666 crore in the same period last year.
Its operating profit (before provisions and contingencies) remained flat at around Rs 7,616 crore in the quarter. There was an improvement in the asset quality of the bank during the quarter with gross non-performing assets (NPA) coming down to 4.14 per cent of total loans from 5.15 per cent in the year-ago period.
The net NPA ratio of the lender declined to 1.24 per cent from 1 1.57 per cent in Q1FY24. In absolute terms, the gross NPA of the bank stood at Rs 40,356.38 crore as on June 30, 2024, compared to Rs 45,727.37 crore as on June 30, 2023.
