The net interest income for the June quarter rose 28% to Rs 8,666 crore, as against Rs 6,785 crore in the same period last year.
The lender’s operating profit (before provisions and contingencies) increased 15% year-on-year to Rs 7,604 crore in the reporting quarter. The same stood at Rs 6,606 crore in the corresponding quarter of last year.
Provisions for the first quarter fell sharply by 26% to Rs 2,719 crore, of which provisions for non-performing assets were Rs 2,418 crore.
On the asset quality front, the Bank’s gross NPAs improved to 5.15% in the June quarter as against 5.35% in the preceding March quarter and 6.98% in the last year period.
Meanwhile, net NPAs too fell to 1.57% in the first quarter, compared with 2.48% a year ago.
Canara Bank’s capital adequacy ratio stood at 16.24%, with tier-I capital at 11.50% for the April-June period.Gross advances for the first quarter were up 13% to Rs 8.87 lakh crore, while global business book rose 9.3% to Rs 20.8 lakh crore.
Segment-wise, retail credit jumped 11% to Rs 1.42 lakh crore, while gold and housing loans were up 29% and 14% respectively.
Total domestic deposits stood at Rs 11.04 lakh crore, up nearly 5% from the year-ago period, while retail term deposits were up 3% to Rs 4.66 lakh crore.
The provision coverage ratio (PCR) improved to 88.04% as of June 2023, from 84.51% as of June 2022.
The Bank said it has achieved targets in the priority sector at 45.59% and agricultural credit at 20.37% of ANBC as of June 2023, as against the norm of 40% and 18% respectively.
On Monday, Canara Bank shares were trading nearly 3% higher at Rs 348 on NSE.