Canara Bank Q1 FY23 net profit increased to Rs 2,022 cr

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Bengaluru: Canara Bank Q1 FY23 net profit increased to Rs 2,022 crore. Canara Bank net interest income (NII) was also up by 10.15 per cent in Q1 FY23 to Rs 6,785 crore from Rs 6,160 crore in Q1FY22. However, it was down 3.14 per cent sequentially, from Rs 7,005 crore in the March 2022 quarter. Its NIM (Net Interest Margin) improved to 2.78 per cent in Q1FY23 from 2.71 per cent a year ago. However, it fell from 2.82 per cent in March 2022.

The bank’s asset quality profile improved with gross non-performing assets (GNPAs) at 6.98 per cent till June 2022 from 8.5 per cent in the year-ago quarter. Net NPAs dipped to 2.48 per cent from 3.46 per cent a year ago.

The bank’s loan book grew 14.47 per cent YoY, on par with the rate at which the banking system’s loan book expanded (14.4 per cent YoY) in June 2022. The outstanding advances stood at Rs 7.83 trillion as of June 2022.

The deposits of Canara bank grew by 9.42 per cent YoY to Rs 11.18 trillion in June 2022. The credit-to-deposit ratio was 70.09 per cent at the end of June 2022 up from 67 per cent a year ago.

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