Canara Bank Q2 net profit rises 43%, NPAs decline
The Hindu
Canara Bank reported 43% YoY rise in Q2 net profit to ₹3,606 crore. NII rose 19%, operating profit 10.30%, gross NPA ratio 4.76%, net NPA ratio 1.41%. Deposits grew 8.22%, domestic advances 12.59%. MD & CEO K. Satyanarayana Raju addressed media.
Canara Bank on Thursday reported 43% year-on-year jump in its September ended quarter net profit to ₹3,606 crore. The bank said it saw huge growth as net interest income (NII) rose by 19% YoY to ₹8,903 crore, from ₹7,433 crore a year earlier.
The lender’s operating profit improved 10.3% to ₹7,616 crore in Q2 as against ₹6,905 crore in the corresponding quarter a year earlier. Gross NPAs declined to ₹43,956 crore in Q2 as against ₹52,485 crore last year. The bank’s gross NPA ratio slid to 4.76% in Q2 against 6.37%, while net NPA ratio slipped to 1.41% in Q2 against 2.19% in the same period a year earlier. However, net NPAs declined to ₹12,554 crore in Q2 compared with ₹17,286 crore in the year-earlier quarter, the bank said.
In Q2, deposits of the bank stood at ₹11.43 lakh crore, growing by 8.22% and domestic advances stood at ₹8.78 lakh crore growing by 12.59%, MD and CEO K. Satyanarayana Raju said while addressing the media.
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