Canara Bank's profit up 92%; Poonawalla Fin net jumps 88% to Rs 150 crore

While its assets under management grew 28 per cent YoY at Rs 13,929 crore, Poonawalla Fincorp's gross non-perfo­rming assets were down by 236 basis points YoY to 1.69 per cent

Public sector lender Canara Bank’s net profit surged 92 per cent year-on-year (YoY) in the October–December quarter (Q3) of FY23, aided by higher net interest income (NII) and expansion in margins, despite higher provisions. 

 NII of the lender grew 24 per cent YoY to Rs 8,600 crore during this period, compared to Rs 6,946 crore in the year-ago period, on the back of healthy loan growth.     

Poonawalla Fin net jumps 88%

Poonwalla Fincorp’s net profit rose by 88 per cent year-on-year (YoY) to Rs 150 crore, on standalone basis, in the third quarter of FY23.

While its assets under management grew 28 per cent YoY at Rs 13,929 crore, its gross non-perfo­rming assets were down by 236 basis points YoY to 1.69 per cent.

Net NPAs declined by 108 bps to 0.89 per cent. It’s capital adequacy ratio stood at 44 per cent as of December 31.