Shares of Canara Bank Limited hit a 52-week high of Rs 387.80 on 27 October after the company announced its quarterly earnings for July-September.

The lender announced a 42.8% year-on-year (YoY) increase in its net profit at Rs 3,606 crore for the quarter under review from Rs 2,525 crore reported in the same quarter of the previous fiscal year.

The net interest income of the bank grew by 20% YoY to Rs 8,903 crore. The net interest margin of the bank was at 3.02%, marking an increase of 19 basis points.

The bank has also reduced its cost-to-income ratio to 43.68%, marking a reduction of 53 basis points.

The domestic deposit of the bank grew by 8.22% YoY to Rs 11.43 lakh crore. Moreover, the domestic gross advances of the bank saw an increase of 12.59% YoY at Rs 8.78 lakh crore for the quarter under review.

The gross non-performing asset of the lender decreased to 4.76% from 6.37% reported in the same quarter of the previous fiscal year. In comparison, the net non-performing asset for the quarter improved to 1.41% from 2.19% reported in Q2FY23.

As of 30 September, the bank has 10,553 ATMs and 9,518 domestic branches, of which 3,059 are in rural areas, 2,717 are located in semi-urban areas, 1,895 are in urban areas, and 1,847 are located in metro cities. The bank also has 4 international branches in New York, London, and Dubai.

At 2:45 pm, the shares of Canara Bank were trading 6.44% above at Rs 382.50 on NSE.