Canara Bank Q1 net profit up 74.8% to Rs 3,535 crore

On July 24, Canara Bank stated that its profit after tax for the first quarter of the current fiscal year increased by 74.8 percent year on year (YoY) to Rs 3,534.84 crore.

In the same time last year, the state-owned institution earned a net profit of Rs 2,022.03 crore.

The lender with its head office in Bengaluru also reported an improvement in asset quality, with the gross non-performing assets (NPA) ratio falling to 5.15 percent from 6.98 percent in the same quarter last year and 5.35 percent from the preceding quarter.

The net NPA ratio was 1.57 percent, which was lower than the 2.48 percent quarterly average and the 1.73 percent quarter-to-quarter average.

At 1.06 pm, Canara Bank was up 1.49 percent, traded at Rs 343.10, while the benchmark Sensex was down 0.06 percent, at Rs 66,642.09.

Source: Media Reports