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State-owned Canara Bank has published its Q1 results of FY23 within which the company has reported a 72% growth in its standalone profits.
Profit for the quarter ending in June 2022 stood at Rs 2,022 crores, up 71.8% YoY and 21.4% QoQ. Net Interest Income of the bank grew 10.2% from Rs 6,160 crores reported last year to Rs 6,785 crores. However, NII declined 3.14% QoQ.
Infosys Q1 results are live, read more.
The bank's net interest margin improved from 2.71% to 2.78% this quarter. Non Interest Income grew 24.6% YoY to Rs 5,175 crores. Treasury income surged 46% to Rs 1,849 crores even as bond yields hardened.
Asset quality of the bank improved as Gross NPAs declined to 6.98% while Net NPAs fell to 2.48%. Although the bank's provisions declined sequentially, its provisions grew 6.71% YoY to Rs 3,690 crores.
"The global pandemic Covid-19 has affected the world economy and it is recovering from it. The bank's result, operation, and asset quality, however, have not been much affected because of the Pandemic. The extent to which any new wave of Covid-19 will impact on the Bank's result will depend on the ongoing as well as future development and actions taken to contain its spread or mitigate its severity" the bank said in its release.
The stock of the bank is trading around Rs 225 per share currently, down 1%.
Article by Aman Agarwal.
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