Canara Bank Q1 profit up 75 percent at Rs 3,535 crore
[ad_1]
copy photo
google creative common
The Bengaluru-based lender had reported a net profit of Rs 2,022 crore in the year-ago period. Canara Bank told the stock market that its total income rose to Rs 29,828 crore in the first quarter of 2023-24 from Rs 23,352 crore in the same period a year ago.
New Delhi. State-owned Canara Bank on Monday reported that its net profit rose 75 per cent to Rs 3,535 crore in the June quarter of the current financial year. The bank said that it was helped by a decline in bad loans and an increase in interest income. The Bengaluru-based lender had reported a net profit of Rs 2,022 crore in the year-ago period. Canara Bank told the stock market that its total income rose to Rs 29,828 crore in the first quarter of 2023-24 from Rs 23,352 crore in the same period a year ago.
The interest income of the bank increased to Rs 25,004 crore from Rs 18,177 crore on an annual basis during the period under review. Gross NPAs (non-performing assets) declined to 5.15 per cent at the end of the June quarter, from 6.98 per cent a year ago. Similarly, the net NPA has come down from 2.48 per cent to 1.57 per cent. Due to this, provision for bad loans came down to Rs 2,418 crore as against Rs 2,673 crore in the year-ago quarter.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
other news
[ad_2]
Source link
