Canara Bank's Healthy Q1 Profits Soar Amid Declining Bad Loans
Canara Bank witnessed a 22% surge in net profit during Q1 of the current financial year, reaching Rs 4,752 crore. The profit boost was largely due to a decline in bad loans. Total income rose, and asset quality improved significantly, leading to better financial health.
- Country:
- India
State-owned Canara Bank reported a robust 22 percent rise in standalone net profit, reaching Rs 4,752 crore in the first quarter of the current fiscal year. This growth was driven by a significant decline in bad loans, enhancing the bank's financial stability.
Compared to the previous fiscal year's same quarter, where the bank earned a net profit of Rs 3,905 crore, Canara Bank's total income also increased to Rs 38,063 crore from Rs 34,020 crore. Despite a slight decline in net interest income by 2 percent, the bank saw a rise in interest earned and a healthier net interest margin.
The bank is progressing on listing its subsidiaries, with plans for Canara Robeco AMC and Canara HSBC Life Insurance Company listings underway. Asset quality of the bank improved significantly with a reduction in non-performing assets, which contributed to a decline in provisions for bad loans. Overall, Canara Bank's financial metrics, including Return on Assets and capital adequacy ratio, showed positive trends.
(With inputs from agencies.)
Google News