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Canara Bank net profit rose by 190 per cent to Rs 1,177 crore June quarter (Q1FY22), an improvement in non-interest income (NII) and a dip in provisions for bad loans.
The Bengaluru-based public sector lender had posted a net profit of Rs 406 crore during the same quarter last year (Q1FY21).
Its stock was trading 1.77 per cent higher at Rs 149.25 per share on BSE.
The bank said in filing with BSE that its net interest income (NII) rose by just 0.84 per cent in Q1FY22 to Rs 6,147 crore from Rs 6,096 crore in Q1FY21.
Net Interest Margin (NIM) for the reporting quarter fell to 2.71 per cent for Q1FY22 as against 2.84 per cent for Q1FY21.
Non-Interest Income was up by 67.47 per cent on a YoY basis to Rs 4,438 crore in Q1FY22 from Rs 2,650 crore in Q1FY21.
The bank’s asset quality profile improved with gross non-performing assets down to 8.5 per cent in June 2021 from 8.84 per cent during Q1FY21. The net NPA also dipped to 3.46 per cent during the quarter from 3.95 per cent in June 2020.
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