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Canara Bank net profit jumps 27% in Q3 on higher net interest income

EditorNatashya Angelica
Published 24/01/2024, 08:26
© Reuters.

BENGALURU - Canara Bank has announced a robust increase in net profit for the third quarter of the fiscal year 2023, showcasing a significant 27% rise to ₹3,656 crore. This performance is underpinned by a healthy growth in net interest income (NII), which climbed 9.5% to reach ₹9,417 crore when compared to the same quarter in the previous year.

The bank's financial health appears to be on an upswing, with notable improvements in asset quality. Key indicators such as the Gross Non-Performing Assets (GNPA) ratio saw a decline, settling at 4.9%. The Gross NPA has also declined to ₹41,722 crore from the previous quarter's high of ₹43,955.6 crore. Concurrently, the Net NPA (NNPA) ratio has edged down and the Net NPAs also reduced to ₹12,176 crore, moving closer to 1%.

In addition to these improvements, Canara Bank reported a significant reduction in provisions to ₹1,899 crore compared to last quarter's ₹2,609 crore and last year's ₹3,124 crore. This marks a positive trend for the bank, reflecting a stronger balance sheet and enhanced stability in its operations.

The bank has also recorded an exceptional gain of ₹1,402 crore. Consistent performance was seen in Net Interest Margin (NIM) at 3.02%, and credit cost was maintained at 0.97%. These developments further signify the bank's financial health and its ability to sustain profitability in a challenging economic environment.

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