Canara Bank Q3 profit jumps 29% to Rs 3,656 crore, but net NPA stands at 1.32%

State-owned Canara Bank on Wednesday posted a 29 per cent increase in its profit at Rs 3,656 crore in the third quarter ended December 2023.

The bank had earned a net profit of Rs 2,832 crore in the same quarter a year ago.

Total income increased to Rs 32,334 crore during the quarter under review against Rs 26,218 crore in the same period last year, Canara Bank said in a regulatory filing.

The net interest income of the bank rose by 9.5 per cent to Rs 9,417 crore during the quarter.

About asset quality, the bank said its gross Non-Performing Assets (NPAs) declined to 4.39 per cent of the gross loans by the end of December 2023 from 5.89 per cent a year ago.

Similarly, net NPAs or bad loans came down to 1.32 per cent from 1.96 per cent at the end of the third quarter of the previous fiscal.