During the quarter, the bank’s total income increased to ₹34,020 crore, as against ₹29,823 crore a year ago, Canara Bank said in a regulatory filing.
State-owned Canara Bank on Thursday posted a 10 per cent rise in its net profit to ₹3,905 crore for the first quarter ended June 30, on account of reduction in bad loans.
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The Bengaluru-based lender had earned a net profit of ₹3,535 crore in the year-ago period.
During the quarter, the bank’s total income increased to ₹34,020 crore, as against ₹29,823 crore a year ago, Canara Bank said in a regulatory filing.
Interest income grew to ₹28,701 crore during the period under review, from ₹25,004 crore in the corresponding quarter a year ago.
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On the asset quality side, the bank’s Gross Non-Performing Assets (NPAs) moderated to 4.14 per cent of gross advances as of June 30, 2024, from 5.15 per cent by the end of first quarter of the previous fiscal.
Net NPAs also came down to 1.24 per cent of the advances, from 1.57 per cent at the end of first quarter of last year.
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As a result, provision for bad loans declined to ₹2,171 crore, as against ₹2,418 crore earmarked during the same quarter a year ago.
The Capital Adequacy Ratio (CRAR) marginally increased to 16.28 per cent, as compared to 16.24 per cent on June 30, 2023.
