Canara Bank net profit triples as provisions fall
Mumbai, July 28 -- Public sector lender Canara Bank on Tuesday reported net profit of Rs 1,177 crore for the June quarter, a 190 per cent rise over Rs 406 crore last year, helped by higher non-interest income and a fall in provisions for bad loans.
The Bengaluru-based lender's stock ended 1.47 per cent higher on the BSE at Rs 148.8 a piece.
The bank said in a statement that its net interest income rose just 0.84 per cent year-on-year (YoY) in Q1FY22 to Rs 6,147 crore versus Rs 6,096 crore. The net interest margin fell to 2.71 per cent for Q1 against 2.84 per cent in the year-ago period.
But it made more of this fall from big 67.47 per cent jump in non-interest earnings in the April-June quarter. The non-interest income rose to Rs 4,438...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.