Canara Bank Q3 profit surges 115.8 per cent

Canara Bank said on Thursday its net profit surged 115.8 per cent year-on-year to Rs 1,502 crore in the third quarter of the current financial year as against Rs 696 crore recorded in the corresponding quarter of previous year.

The bank's net interest income increased by 14.11 per cent to Rs 6,946 crore during the quarter ended December 31, 2021 as against Rs 6,087 crore recorded in the same quarter of last year.

Public sector lender's net profit for the first nine months of the current financial year surged 159.51 per cent year-on-year.

The bank's asset quality has improved significantly. Gross Non-Performing Assets (GNPA) ratio reduced to 7.80 per cent at December end 2021 down from 8.42 per cent as at September 2021, 8.50 per cent as at June 2021 and 8.93 per cent as at March 2021.

The bank's Net Non-Performing Assets (NNPA) ratio reduced to 2.86 per cent as at December 2021 down from 3.21 per cent as at September 2021, 3.46 per cent as at June 2021 and 3.82 per cent as at March 2021.

As on December 31, 2021, Canara Bank has total 9,773 branches, out of which 3,036 are rural, 2,777 semi-urban, 1,975 urban and 1,985 metro along with 10,832 ATMs and 1389 recyclers.

Share price of Canara Bank surged 8.77 per cent to Rs 240.70 at the BSE on Thursday.

( With inputs from ANI )

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