Canara Bank Sees Robust Growth in First Quarter Profits
State-owned Canara Bank's shares soared over 5% after reporting a 22% increase in net profit for Q1 of the fiscal year. The bank's total income rose significantly, and asset quality improved, reflected by lower gross and net non-performing assets, signaling strong financial health.
- Country:
- India
Shares of state-owned Canara Bank surged over 5% on Thursday following the announcement of a 22% rise in net profit for the first quarter of the fiscal year.
The stock climbed by 5.29% to ₹113.50 on the BSE, while reaching a high of ₹114 during the trading day. On the NSE, it closed at ₹113.51, registering a similar gain.
Canara Bank reported a net profit of ₹4,752 crore for the first quarter, up from ₹3,905 crore in the same period last year. The bank's total income also rose to ₹38,063 crore, compared to ₹34,020 crore in the previous year, as per a regulatory filing.
(With inputs from agencies.)
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