Canara Bank Q2 Net Profit Surges 89.42% YoY

Canara Bank has reported good quarterly numbers on the back of rising net interest income. The net profit jumped to Rs 2,525 crore in July-September (Q2 FY23), as against a net profit of Rs 1,333 crore in the corresponding period of last year.

The bank's net interest income grew by 18.5 per cent year-on-year (YoY) to Rs 7,434 crore compared to Rs 6,273 crore. Non-interest income grew 13 per cent YoY to Rs 4,825 crore in the same period.

The asset quality of the bank also saw an improvement with Gross Non-Performing Assets (GNPA) ratio falling to 6.37% as at Sep 2022 down from 6.98% as at June 2022, 7.51% as at March 2022. Net Non-Performing Assets (NNPA) ratio reduced to 2.19% as at Sep 2022 down from 2.48% as at June 2022, 2.65% as at March 2022.

Shares of Canara Bank rallied almost 2% in trade today. The bank declared numbers post market hours on Thursday. The shares were last seen trading at Rs 264 on the Bombay Stock Exchange in early trade on Friday.