NEW DELHI: Public sector lender Canara Bank on Monday reported a 90.6% rise in net profit at Rs 3,175 crore for the quarter that ended March this year compared to Rs 16,66 crore in the same quarter the previous year driven by strong growth in interest income.
The bank’s net interest income or NII, which is the difference between interest earned and interest paid, rose 23% to Rs 8,616 crore during the quarter as compared to Rs 7,006 crore in the same quarter the previous year. The lender improved its asset quality over a year ago period as its gross non-performing assets (GNPA) ratio reduced to 5.35% as of Mar 2023 down from 5.89% as of December 2022, and from 7.51% as at Mar 2022.
The net non-performing assets (NNPA) ratio reduced to 1.73% as of March 2023, down from 1.96% as of December 2022. Its provision coverage ratio (PCR) stood at 87.31% as of March 2023 against 86.32% as of December 2022.
Domestic deposits of the bank increased to Rs 10.94 lakh crore at the end of the quarter, showing a growth of 6%, while domestic advances of the bank grew by 15.01% to Rs 8.18 lakh crore as of March 2023. The retail lending portfolio increased by 11% to Rs 1.4 lakh crore and housing loans rose 14% to Rs 84,364 crore.