Canara Bank posts 8% September quarter net profit ₹5,175cr
Business
Canara Bank just posted an 8% boost in net profit for the September quarter of this fiscal, reaching ₹5,175 crore, up from ₹4,774 crore last year.
The bank's total income and interest income also climbed, showing solid growth.
NII up 20% and NPAs fall
Net interest income shot up 20% to ₹11,005 crore.
The bank's asset quality got a real upgrade too: gross NPAs dropped to 1.33% (from 2.35%), and net NPAs fell to just 0.3%.
Thanks to fewer bad loans, Canara cut its provisions for them to ₹1,339 crore, proving their risk management moves are paying off.