Canara Bank on Monday announced that its net profit for the December quarter increased 92 percent on the back of a spurt in its net interest income and improvement in non-performing assets.
The bank's net profit was Rs 2,881.52 crore, compared to Rs 1,502.12 crore a year ago. Net interest income, which is the income a bank earns through lending, surged 24 percent year-on-year to Rs 8,600 crore. Other income also increased 10.4 percent to Rs 3,986.44 crore.
Provisions and contingencies for the quarter increased 39 percent to Rs 3,121 crore from Rs 2,245 crore the previous year.
Non-performing assets also showed improvement, with gross non-performing assets falling by 12 percent to Rs 5,0143 crore at the end of the December quarter, compared to Rs 56,893 crore in the same quarter of the previous year.
As a percentage of total loans, gross NPAs stood at 5.89 percent compared to 6.37 percent in the previous quarter and 7.8 percent in the year-ago period. Net NPAs were at 1.96 percent in the December quarter versus 2.19 percent from the previous quarter and 2.86 percent in the same quarter last year.
Advances for the quarter climbed 16 percent to Rs 8.16 lakh crore, while deposits gained 7.1 percent to Rs 11.63 lakh crore.
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