Canara Bank reported an almost threefold jump in net profit to ₹1,177 crore for the quarter ended June 30 from more than ₹406 crore in the year-earlier period.
Reduction in bad loans helped net profit grow substantially, the lender said.
Gross NPA ratio stood at 8.5% in the April-June quarter as against 8.93% in the previous quarter and 8.84% in June 2020 quarter, MD & CEO L.V. Prabhakar said on Tuesday.
Net NPA ratio stood at 3.46% as against 3.82% in the last quarter and 3.95% in the June 2020 quarter. Total income increased marginally to ₹21,210 crore from ₹20,686 crore in the year-earlier period. Operating profit stood at ₹5,751 crore, up by 34.18% year-on-year.
The bank’s global business increased by 9.38% y-o-y to ₹17,06,422 crore. Global deposits stood at ₹10,21,837 crore, a 12.34% y-o-y increase, while global advances grew 5.23% to ₹6,84,585 crore. Domestic deposits stood at ₹9,70,481 crore, an 11.6% y-o-y growth.
According to Mr. Prabhakar, the bank’s retail lending increased by 9.57 % (y-o-y) to ₹1,15,291 crore, with both home and vehicle loans making a huge comeback.