Canara Bank December Quarter Results, Revenue Up 92%, NPA Down Significantly.
Canara Bank Third Quarter Results Good results for the December quarter were reported by Canara Bank, one of the country’s largest public sector banks.
The bank’s profit increased by 92% to Rs 2,882 crore. The main drivers of bank profit growth are higher interest income and lower NPA.
The bank made a profit of 1.502 trillion won in the same period last year.
According to information provided by the bank, income increased to Rs 26,218 crore from Rs 21,312 crore in the December quarter of last year.
During this period, the bank’s interest income increased to Rs 22,231 crore, compared to Rs 17,701 crore in the same period last year.
Big NPA Drop.
The bank has achieved significant improvement in asset quality. The bank’s total non-performing assets (NPA) decreased to 5.89% from 7.80% at the end of the third quarter of the 2021-2022 fiscal year
During this period, the bank’s net NPA also fell from 2.86% to 1.96%. The capital adequacy ratio also increased from 14.80% to 16.72%. fast-growing bank profits.
Since the beginning of this year, interest rate hikes have boosted banks’ profits.
The total revenue of the 12 public sector banks in the first quarter of the current fiscal year was Rs 15,306 crore and increased to Rs 25,685 crore in the September quarter.
At the same time, SBI, the country’s largest bank, also recorded a record-high profit of $13.265 billion in the September quarter. SBI has yet to report earnings for the December quarter.
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