NEW DELHI: Public sector lender Canara Bank posted 72% year-on-year growth in profit to Rs 2,022 crore in April-June quarter of 2022-23. In the same quarter previous year, the bank had posted Rs 1,177 crore in profit. The strong profit numbers came on the back of strong non-interest income and better cost management as cost to income ratio declined by 210 bps.
The bank’s net interest income rose 10% to Rs 6,785 crore during the quarter. Non-Interest Income grew by 24.55% to Rs 5,175 crore. Fee based income grew by 18% during the quarter. The operating profit grew 20.5% to Rs 6,606 crore.
Domestic gross advances of the bank posted a growth of 13.14% to Rs 7,48,140 crore, while domestic deposits grew at 8.5% to Rs 10,52,907 crore during the first quarter of the financial year. The bank’s global business showed a growth of 11.45% to Rs 19,01,776 crore as with global deposits at Rs 11,18,122 crore, registering 9.42% growth and global advance grew at 14.5% to Rs 7,83,654 crore.
The bank showed improvement on the asset quality as gross NPA fell 152 basis points during the quarter to 6.98%, while net NPA fell 17 basis points to 2.48%. Capital Adequacy Ratio of the bank stood at 14.91% as of June 2022.