New Delhi: State-owned Canara Bank on Thursday posted a 10 percent rise in its net profit to Rs 3,905 crore for the first quarter ended June 30, on account of reduction in bad loans.
The Bengaluru-based lender had earned a net profit of Rs 3,535 crore in the year-ago period.
During the quarter, the bank's total income increased to Rs 34,020 crore, as against Rs 29,823 crore a year ago, Canara Bank said in a regulatory filing.
Interest income grew to Rs 28,701 crore during the period under review, from Rs 25,004 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.14 percent of gross advances as of June 30, 2024, from 5.15 percent by the end of first quarter of the previous fiscal.
Net NPAs also came down to 1.24 percent of the advances, from 1.57 percent at the end of first quarter of last year.
As a result, provision for bad loans declined to Rs 2,171 crore, as against Rs 2,418 crore earmarked during the same quarter a year ago.
The Capital Adequacy Ratio (CRAR) marginally increased to 16.28 percent, as compared to 16.24 percent on June 30, 2023.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)