Canara Bank Q2 results: Net profit rises 43%; gross, net NPAs decline

Public sector lender Canara Bank  reported a 42.8  per cent year-on-year (YoY) rise in net profit at Rs 3606 crore for the September quarter compared with Rs 2525.5 crore in the corresponding quarter of the last year.  Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose 20 percent to Rs 8903 crore in Q2 against Rs 7433 crore reported in the corresponding quarter of the previous fiscal.

Operating profit of Canara Bank climbed 10.30% to Rs 7616 crore in Q2 against Rs  6905 crore in the September quarter of the last fiscal. Gross NPAs fell to Rs 43,956 crore in Q2 against Rs 52,485 crore in the September  2022 quarter.

Gross NPA ratio slipped to 4.76% in Q2 against 6.37% in the corresponding quarter of the previous fiscal. Net NPA ratio slipped to 1.41% in Q2 against 2.19% in the September 2022 quarter. Net NPAs declined to Rs 12554 crore in Q2 compared to Rs 17,286 crore in the September 2022 quarter.

Meanwhile, the Canara Bank stock was trading flat at Rs 355.10 in the afternoon session. Market cap of the bank stood at Rs 64,419 crore.

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