Canara Bank reported a 26.86% year-on-year increase in third-quarter net profit to ₹3,656 crore as against ₹2,881.52 crore clocked in the previous year, despite rise in employee cost, retiree benefits payouts and other expenses, the lender said on Wednesday.
Net interest income rose to ₹9,417 crore, a 10% year-on-year increase. Other income rose 7.7% year-on-year to ₹4,295.10 crore, and down quarter-on-quarter due to a dip in treasury income. Asset quality improved with gross non-performing assets (NPA) dropping to 4.39% from 5.9% a year earlier, while net NPA improved to 1.32% from 1.96% YoY.
“We are struggling in treasury income due to high bond rates,” MD and CEO K. Satyanarayana Raju said. “The NPAs from personal loans stood at about 1.2% and the share of clean personal loans was about ₹9,000 crore,” he told media persons.
