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Canara Bank’s Q3 net profit surge 92%

January 23, 2023 09:46 pm | Updated January 26, 2023 10:09 am IST - Bengaluru

Bengaluru-based Canara Bank on Monday reported a 92% rise in net profit during the third quarter ended December at ₹2,881.5 crore.

During the quarter, the banks’ operating profit rose 19.80% to ₹6,952 crore. The quarter also saw its global business surpassing ₹20,00,000 crore, an annual growth of 13.63%.

The lender’s net interest income grew to ₹8,600 crore, a 24% jump. Meanwhile, its net interest margin stood at 3.04% as compared to 2.83% a year ago.

In Q3, the lender’s gross non-performing assets (GNPAs) ratio declined at 5.89% as against 6.37% in the sequential quarter and 7.80% in the corresponding quarter a year ago. Its Net Non-Performing Assets (NNPA) ratio reduced to 1.96% as at December 2022 down from 2.19% as at September 2022, 2.86% as at December 2021, said the bank. The bank’s Housing Loan Portfolio grew by 15.81% YoY to ₹81,916 crore.

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