Canara Bank Q1 net profit up 71 per cent; stock tank

Canara BankNet Profit for Q1FY23 up nearly 71.7% 2,022 crore as compared to 1,177.5 crore from the same quarter last year. Its net interest income (NII), the difference between earned and expenses exceeded 10% 6,784 crore as against 6,146 crore in the year-ago quarter.

Its asset quality in terms of gross non-performing assets (NPA) improved to 6.98% from 7.51% in the previous quarter of March 2022 and year-on-year (YoY) to 8.50%. Meanwhile, its net NPAs declined from 2.65% quarter-on-quarter (QoQ) to 2.48% and 3.46% from the year-ago period.

Canara Bank’s provisions rejected 3,690 crore as against 3,708 crore sequentially, however, increased from 3,458 crore in the corresponding quarter of the last financial year.

Meanwhile, the Bank’s Net Interest Margin (NIM) stood at 2.78% during Q1FY23, as against 2.82% in Q4FY22 and 2.71% in Q1FY22. Meanwhile, fresh slippages declined 3,606 crore from 3,619 crore QoQ and 4,253 crore annually.

“The global pandemic COVID-19 has affected the world economy and is recovering from it. The bank’s results, operations and asset quality, however, have not been significantly affected due to the pandemic. Any new wave of COVID-19 will The impact on the Bank’s outcome will depend on its future growth as well as the actions taken to prevent its spread or reduce its severity,” the lender said in the earnings release.

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