Canara Bank Q1 profit jumps 72% to ₹2,022 crore
Canara Bank on Monday reported nearly 72 per cent jump in standalone net profit at ₹2,022.03 crore for June quarter 2022-23 on healthy core income growth and fall in bad loans.The bank had posted a net profit of ₹1,177.47 crore in the year-ago period.Total income rose to ₹23,351.96 crore in April-June 2022-23, as against ₹20,940.28 crore in the same period a year ago, Canara Bank said in a regulatory filing.The core income from interest generation increased 8.3 per cent to ₹18,176.64 crore during the quarter.On asset quality front, Canara Bank witnessed improvement as gross non-performing assets (NPAs) fell to 6.98 per cent of gross advances at end of June 30, 2022 as against 8.50 per cent by end of June 2021.In value terms, gross NPAs or bad loans stood at ₹54,733.88 crore, down from ₹58,215.46 crore.Likewise, net bad loans proportion came down to 2.48 per cent ( ₹18,504.93 crore) from 3.46 per cent ( ₹22,434 crore).Provision (other than tax) for bad loans and contingencies for Q1FY23, however, rose to ₹3,690 crore from ₹3,458.74 crore in the year-ago quarter.On a consolidated basis, the bank’s net profit jumped 88 per cent to ₹2,058.31 crore in June quarter as against ₹1,094.79 crore a year ago. Total income rose to ₹23,739.27 crore from ₹23,018.96 crore.Canara Bank stock was trading 1.42 per cent higher at ₹232.25 on BSE.
