Canara Bank's net profit surges by 90.63% on y-o-y basis

New Delhi: State-owned Canara Bank said in a regulatory filing on Monday that its net profit has increased by 90.63 percent on a y-o-y basis. The bank's global business stood at Rs 20,41,764 crores which grew by 11.72 percent. Further, its operating profit stood at Rs 7,252 crores, registering a growth of 16.94 percent.

The filing also noted that the gross advances by the bank increased by 16.41 percent. The Net Interest Income of the bank has surged by 23.01 percent. The bank's Gross Non-Performing Assets (GNPA) ratio reduced to 5.35 percent in Q4FY23 down from 5.89 percent in Q3FY23. The Net Non-Performing Assets (NNPA) ratio reduced to 1.73 percent in Q4FY23 down from 1.96 percent in Q3FY23. Its Provision Coverage Ratio (PCR) stood at 87.31 percent in Q4FY23 as against 86.32 percent in Q3FY23.

The filing also noted that the CRAR of the bank stood at 16.68 percent in Q4FY23 while the ratio was 16.72 percent in Q3FY23. Its return on equity stood at 19.49 percent which was improved by 667 bps while its return on assets improved by 38 bps, registering a growth of 0.95 percent.

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