Canara Bank reports 92% rise in net profit in Q3FY23, NPAs fall to 5.89%

Canara Bank on Monday reported a 92 per cent jump in its net profits in the third quarter of the current financial year (Q3FY23). The profits stood at Rs 2,881 crore, as compared to Rs 1,502 crore in the same quarter last year. 

The gross non-performing assets (NPAs) of the company declined to 5.89 per cent in Q3FY23 from 6.37 per cent in Q2FY23. The net NPAs were down to 1.96 per cent from 2.19 per cent.   

Total income increased to Rs 26,218 crore in the quarter from Rs 21,312 crore in the year-ago period, the state-owned bank said in a regulatory filing.

At the same time, interest income rose to Rs 22,231 crore as against Rs 17,701 crore in the same quarter a year ago. The capital adequacy ratio rose to 16.72 per cent in December quarter as against 14.80 per cent.

Last week, Canara Bank said that is planning to sell its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to State Bank of India (SBI) for about Rs 114 crore.