New Delhi: Canara Bank on Thursday reported a 42.81 per cent rise in Q2 net profit to Rs 3,606 crore on higher interest income and lower provisioning.
The bank posted a net profit of Rs 2,525 crore in the Q2 FY23. The Bengaluru-based public sector bank’s net interest income grew 19.76 per cent to Rs 8,903 crore.
The bank’s total provisioning came down to Rs 2,608 crore during second quarter, from Rs 3,637 crore in year-ago period.
Provision Coverage Ratio (PCR) improved to 88.73 per cent as at September 2023 from 85.36 per cent as at September 2022.
Gross non-performing assets (GNPAs) declined to 4.76 per cent of total loans in the second quarter of the current fiscal over 6.37 per cent in the September quarter of the last fiscal. Net non-Performing Assets (NNPAs)ratio stood at 1.41 per cent as at September 2023 as against 1.57 per cent as at June 2023, 2.19 per cent as at September 2022.