Canara Bank net profit rises 27%

The Bengaluru-based lender’s net interest income exceeded the target and rose by 9.50 per cent to Rs 9,417 crore.

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CHENNAI: State-owned Canara Bank on Wednesday reported a healthy set of numbers with net income rising nearly 27% to Rs 3,659 crore in the December 2023 quarter, boosted by lower credit cost and higher interest income.

The Bengaluru-based lender’s net interest income exceeded the target and rose by 9.50 per cent to Rs 9,417 crore, while credit cost declined to an impressive 24 basis points (bps) to 0.97 per cent, chief executive K Satyanarayana Raju told reporters.