Canara Bank on Monday reported 92% rise in net profit during the third quarter ended December 2022 2,881.5 crore as compared to 1,502 crore in the same quarter a year ago. Shares of Canara Bank were trading with a gain of about one per cent. 324 points on the BSE in afternoon deals.
Meanwhile, the lender’s net interest income, or NII, which is the difference between interest earned and spent, rose nearly 24%. 8,600 crores as against 6,945 crore year-on-year (YoY).
On the asset quality front, Canara BankGross non-performing assets (NPAs) declined to 5.89% as compared to 6.37% in the September 2022 quarter, while net NPAs declined to 1.96% from 2.19% in the previous quarter.
Bank’s provisions and contingencies declined 3,121 crores to 3,636.8 crore quarter-on-quarter (QoQ) and Vs. 2,244.8 crore in the year-ago period. Its loan growth stood at 18% (YoY). Capital adequacy ratio improved to 16.72% in the December quarter as against 16.51% QoQ and 14.80% YoY.
Last week, Canara Bank said it plans to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to another venture partner State Bank of India (SBI). 114 crores. CIBL, incorporated in 2003, is a joint venture (JV) in Russia between SBI (60%) and Canara Bank (40%).
Canara Bank has entered into a share sale agreement with SBI in respect of sale of equity shares in Moscow-based CIBL, the bank said in an exchange filing. Pursuant to the share sale agreement and with the consent of the Central Bank of Russia, Canara Bank The entire shares have been transferred to SBI on November 30, 2022. The Bengaluru-based state-owned bank executed the agreement for sale on November 11, 2022.
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