Canara Bank Q1 profit up 75% at Rs 3,535 crore


New Delhi, 24 July (Hindustan Times). Public sector Canara Bank has announced the results of the first quarter (April-June) of the financial year 2023-24. For the first quarter ended June 30, Canara Bank’s profit rose 75 per cent to Rs 3,535 crore. The bank had posted a net profit of Rs 2,022 crore in the same period last fiscal.

The bank informed the stock market on Monday that its profit increased by 75 per cent to Rs 3,535 crore in the June quarter of the current financial year 2023-24. The bank said it was helped by a decline in bad loans and an increase in interest income. According to the bank, its total income rose to Rs 29,828 crore in the first quarter from Rs 23,352 crore in the same period last fiscal.

Similarly, the bank’s interest income in the first quarter increased from Rs 18,177 crore to Rs 25,004 crore on an annual basis. Gross NPAs (non-performing assets) came down to 5.15 per cent at the end of the June quarter, from 6.98 per cent in the same period last fiscal. Apart from this, the net NPA of the bank 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.


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