Canara Bank Q1 result: Over 70% jump in net profit; stock slides more than 2%

 Canara Bank on Monday reported nearly 72 percent jump in standalone net profit at Rs 2,022.03 crore for June quarter 2022-23 on healthy core income growth and fall in bad loans.

The bank had posted a net profit of Rs 1,177.47 crore in the year-ago period.

Total income rose to Rs 23,351.96 crore in April-June 2022-23, as against Rs 20,940.28 crore in the same period a year ago, Canara Bank said in a regulatory filing.

The core income from interest generation increased 8.3 per cent to Rs 18,176.64 crore during the quarter.

On asset quality front, Canara Bank witnessed improvement as gross non-performing assets (NPAs) fell to 6.98 per cent of gross advances at end of June 30, 2022 as against 8.50 percent by end of June 2021.

In value terms, gross NPAs or bad loans stood at Rs 54,733.88 crore, down from Rs 58,215.46 crore.

Likewise, net bad loans proportion came down to 2.48 per cent (Rs 18,504.93 crore) from 3.46 per cent (Rs 22,434 crore).

Provision (other than tax) for bad loans and contingencies for Q1FY23, however, rose to Rs 3,690 crore from Rs 3,458.74 crore in the year-ago quarter.

On a consolidated basis, the bank's net profit jumped 88 per cent to Rs 2,058.31 crore in June quarter as against Rs 1,094.79 crore a year ago. Total income rose to Rs 23,739.27 crore from Rs 23,018.96 crore.

Canara Bank stock tanked more than 2 per cent higher at Rs 224 apiece on NSE today