Bengaluru-based Canara Bank reported net profit for the June-ended quarter rose almost 75% to ₹3,534.8 crore year-on-year.
The lender’s net interest income grew 27.7% to ₹8,665.7 crore. The bank on Monday said its asset quality improved during the quarter, with gross non-performing assets (NPAs) ratio at 5.15% against 5.35% in the previous quarter and 6.98% in the year-earlier period.
“The improvement in asset quality is beneficial to a bank as fewer risky assets tend to bring down the outstanding risk-weighted assets,’‘ said MD & CEO, K. Satyanarayana Raju.
Canara Bank’s net NPA ratio stood at 1.57%, against 1.73% in the sequential quarter and 2.48% in the year-earlier period. Gross NPAs stood at ₹45,727 crore as on June 30, against ₹54,734 crore a year earlier while net NPAs slid to ₹13,461 crore from ₹18,505 crore.
The bank earned a total interest income of ₹25,004 crore in Q1, up from ₹ 18,177 crore a year earlier.