Last updated: January 23, 2023, 2:14 PM IST
Canara Bank recorded an improvement in asset quality with gross NPAs falling to 5.89 percent, compared to 7.80 percent in the same period a year ago.
Canara Bank’s income rises to Rs 26,218 crore in Q3 2022 from Rs 21,312 crore in the same period a year ago
Canara Bank on Monday reported a 92 percent profit increase to Rs 2,882 crore for the quarter ending December 2022, aided by a rise in interest income and a drop in bad loans. Net profit was Rs 1,502 crore in the same quarter of the previous financial year.
Total income rose to Rs 26,218 crore in the quarter from Rs 21,312 crore in the same period a year ago, the state bank said in a filing for filing. At the same time, interest income rose to Rs 22,231 crore as compared to Rs 17,701 crore in the same quarter a year ago.
In terms of asset quality, the bank posted an improvement with gross NPAs (Non-Performing Assets) falling to 5.89 percent, compared to 7.80 percent at the end of the third quarter of 2021-22. Net NPAs also fell to 1.96 percent, compared to 2.86 percent in the same period a year ago.
The solvency ratio rose to 16.72 percent in December from 14.80 percent.
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(This story has not been edited by News18 staff and was published from a syndicated news agency feed)
