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The Bengaluru-based public sector lender – Canara Bank – on Tuesday said that its net profit in second quarter of the current financial year tripled on account of lower provisioning for bad loans, slight improvement in its asset quality and higher other income.
Canara Bank’s net profit in quarter ended September 2021 came in at ₹ 1,333 crore as against ₹ 444 crore during the same quarter last year. Its net interest income or the difference between interest earned on loans and interest expended on deposits declined slightly to ₹ 6,274 crore in September quarter from ₹ 6,305 crore during the same quarter last year.
Canara Bank’s asset quality showed a slight improvement in September quarter as its gross non-performing assets, as a percentage of total advances, came in at 8.42 per cent versus 8.50 per cent in the previous quarter. Its Gross NPAs in absolute terms stood at ₹ 57,853 crore.
