Canara Bank announced a 92% increase in net profit for the third quarter ended December 2022, at ₹2,881.5 crore, compared to 1,502 crore in the same quarter last year. Canara Bank shares were trading roughly 1% higher at ₹324 each on the BSE in afternoon trade.
Meanwhile, the lender’s net interest income (NII), which is the difference between interest earned and interest expenditure, increased by approximately 24% year on year to 8,600 crore from ₹6,945 crore (YoY).
Canara Bank’s gross non-performing assets (NPAs) fell to 5.89% from 6.37% in the September 2022 quarter, while net NPAs fell to 1.96% from 2.19% in the previous quarter.
