The state-owned lender Canara Bank on July 24 reported a 74.8% YoY rise in net profit at Rs 3,534.84% in the Q1 of the current fiscal year, against the Rs 2,022.03 crore reported in the year-ago period.

The company’s lender’s assets quality improved in the June quarter, with gross non-performing assets (NPAs) ratio at 5.15% against 5.35% in the previous quarter and 6.98% in Q1FY23. The net non-performing asset ratio stands at 1.57% against 2.48% in the year-ago period and 1.73% in the last quarter.

For the quarter under review, the net interest income gained by 27.72% to Rs 8,666 crore. The total interest income for the lender was Rs 25,004 crore for the quarter under review against Rs 18,177 crore in a year-ago period.

The global deposits of the bank grew by 6.65% YoY to Rs 11.92 lakh crore, whereas the domestic deposits rose by 4.9% YoY to Rs 11.05 lakh crore. The term deposit of the lender grew by 6.98% to Rs 7.04 lakh crore.

In April-June, Canara Bank reported a 71.01 per cent on-year fall in its treasury income to Rs 536 crore. In treasury income, profit on exchange transactions halved 75.21 per cent on-year to Rs 236 crore and gained on the sale of investment fell 66.93 per cent to Rs 294 crore, according to the investor’s presentation.

At 1:20 pm, the shares of Canara Bank were trading at Rs 349.85 or 3.46% above its previous close.