Canara Bank Q3FY23 result: Profit zooms 92% to Rs 2,882 crore; shares surge

Canara Bank Q3FY23 result: Public sector bank Canara Bank has reported a whopping 92 per cent jump in profit at Rs 2,882 crore for the third quarter of the current fiscal, helped by a rise in interest income and a decline in bad loans. The bank's net profit stood at Rs 1,502 crore in the same quarter of the preceding financial year.

Shares of Canara Bank were trading nearly 2 per cent higher at Rs 325.35 apiece on the NSE in afternoon deals. The bank's total income increased to Rs 26,218 crore in the quarter from Rs 21,312 crore in the year-ago period, the state-owned bank said in a regulatory filing.

At the same time, interest income rose to Rs 22,231 crore as against Rs 17,701 crore in the same quarter a year ago. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 5.89 per cent as compared to 7.80 per cent at the end of third quarter of 2021-22.

Net NPAs too eased to 1.96 per cent as compared to 2.86 per cent in the same period a year ago. The capital adequacy ratio rose to 16.72 per cent in December quarter as against 14.80 per cent.

(PTI Inputs)

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